SCSS Interest Rate 2024: Senior Citizen Saving Scheme
Senior Citizen Savings Scheme (SCSS) Interest Rate 2024: The current interest rate on SCSS deposits by senior citizens is 7.6%. It will apply in 2024 also if there is no change.
Amid rising inflation and repo rate hikes by the Reserve Bank of India, senior citizens are expecting a change in SCSS interest rates. Even Fixed Deposit rates offered by some banks have gone up to 9.00%.
SCSS Interest Rate 2024
The Government revises Senior Citizen Savings Schemes (SCSS) interest rate on a quarterly basis. The next revision of SCSS rate will take place by the end of this month. Therefore, the SCSS interest rate to be applicable in the first quarter of 2023 (January-March) will be known by December 31, 2022.
Benefits of SCSS account
- Regular income in the form of Interest.
- Approx 7.60% ROI on investment or return
- Upto Rs.50000 interest income is Tax free.
- Deduction of Rs.1.5 lakh under Section 80-C.
- Highest deposit limit of upto 15 Lakh.
- Auto credit of Interest in Saving Account.
