Senior Citizen Savings Scheme
As deposit rates fall, banks turn to innovation to woo savers and stay competitive
With interest rates declining, banks face the challenge of attracting deposits. Experts suggest innovative products like fixed deposit-linked credit cards and sweep-in deposits are crucial. Younger savers are shifting to capital market products, while senior citizens favour government schemes. Banks are already adapting, but further rate cuts will necessitate more competitive offerings to retain depositors.
5 financial gifts for a Happy Mother's Day -- take a look!
This Mother’s Day, go beyond traditional gifts and take a meaningful step toward ensuring your mother’s financial freedom. Start by helping her build a secure and diversified financial portfolio tailored to her needs whether it’s through steady income schemes like the Senior Citizens’ Savings Scheme or wealth-building options such as mutual funds with a portion of gold to hedge her risks.
Bajaj Finance lowers deposit rates by upto 50 basis points
It also lowered rates more on long-tenure deposits, perhaps indicating both the receivable time-lines of Bajaj Finance's assets and stiffer competition for shorter-tenure commitments in a falling rate cycle. This is the second such reduction by Bajaj Finance.
Your step-by-step guide to retirement planning: Secure your future with confidence
Retirement planning is a lifelong journey, starting early is crucial for a secure future. The article breaks down retirement planning into four stages, emphasizing the importance of consistent saving, strategic investments, and adapting to changing financial responsibilities. It also addresses common retirement challenges and offers solutions for those who start late, highlighting the significance of financial freedom in later years.
SCSS vs Senior Citizen Bank FDs: Which offers the highest interest rate?
The government-backed Senior Citizen Savings Scheme (SCSS) and bank-offered Senior Citizen Fixed Deposits are two popular investment options for senior citizens to plan a steady income and the safety of capital.
Retirement plan: Where to invest if you have a monthly pension of Rs 30,000
For senior citizens with a monthly pension, experts recommend a conservative investment approach, emphasizing options like recurring deposits, fixed deposits, and the Senior Citizen Savings Scheme. Tax-free bonds and debt mutual funds also present viable choices, offering liquidity and potential for portfolio rebalancing.
To whom do the new Senior Citizen Savings Scheme (SCSS), PPF rules apply? Govt clarifies
The Department of Posts came out with an detailed notification about senior citizen savings scheme (SCSS) and Public Provident Fund (PPF) few weeks back. On November 29, 2023 the Department of Posts issued a clarification as to who the new SCSS and PPF rules would apply. Read below to find out.
These 11 banking stocks can give more than 27% returns in 1 year market, according to analysts
Every sector has a key element and it is important to look at it if you are investing in that sector. In the case of banking, it is NPAs, or non-performing assets. Why the abbreviation before the full form? We react to news before understanding it. News is the abbreviation whose meaning becomes clear only on closer examination. So, while looking at the Q4 numbers of banks, it is important to look at NPAs. But there is another number which is equally important: Credit growth. It is likely to remain muted. And that in itself is not a bad sign. Asset quality is good and stays that way if NPA numbers are stable and the books are reliable.
Higher investment limit in saving schemes aimed at benefiting senior citizens, middle class: Fin Secy
The top bureaucrat in the finance ministry said the decision to revise the ceilings will come at a cost as the government can raise funds at a cheaper rate compared to the 8 per cent interest that it gives under the Senior Citizen Savings Scheme. "Taking into account the welfare of senior citizens, for whom fixed income instruments are the main source of income... it was decided that this is a cost which the government should bear and therefore the ceilings were increased," he said.
What is the latest Senior Citizens’ Saving Scheme interest rate?
The Senior Citizens' Savings Scheme (SCSS), a government initiative that offers quarterly interest payments, allows seniors to save money.
Senior Citizen Savings Scheme vs high interest rate bank FDs: Where should you invest?
The interest rate on SCSS was revised from 7.4% to 7.6% which is at present the highest interest rate offered by a small savings scheme. Many smaller private sector banks and small finance banks are now offering FD interest rates high as 9%. Rise in FD interest rate is expected to continue in next few months. Will SCSS remain competitive to FDs or should you prefer FDs now.
Govt announces interest rates for post office savings scheme for April- June 2025: Check latest PPF, NSC interest rate
Latest Small Savings Schemes interest rate: The government has issued a circular today announcing interest rates for various small savings schemes such as PPF, NSC, Post Office Time Deposits, etc. The interest rate announced will be applicable for April and June 2025, i.e., for the first quarter of the new FY 2025-26.
Latest Senior Citizen Savings Scheme interest rate: What is the post office SCSS rate for April- June 2025 quarter?
The SCSS offers a secure investment option for senior citizens with a fixed income and tax benefits. The interest rates for small savings schemes, including SCSS, have been kept unchanged for the April-June 2025 quarter.
Can my wife and I open two joint Senior Citizens’ Savings Scheme accounts?
A senior citizen can invest up to Rs 15 lakh in an SCSS account. This account can be held jointly with one’s spouse.
What is Senior Citizens’ Savings Scheme?
Senior Citizen Savings Scheme is a government-backed scheme. The current interest rate applicable to SCSS is 7.4%. Tax benefits under Section 80C are available but interest is fully taxable.
These 7 banking stocks can give more than 28% returns in 1 year, according to analysts
When you look at the banking sector, it is not just about excel sheets. It is about the ability to differentiate between the white, black, and grey in terms of the businesses that banks finance. Today, a bank financing exporters faces more uncertainty than one giving loans to domestically-focused companies. But what happens to the latter if there is tariff-induced dumping by China? That is why the colour grey. Whom to lend to and whom not to. When to lend and when not to. That’s the dilemma faced by bankers. Banks with the ability to handle this dilemma will do well.
Govt doubles deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh
"The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh," the minister said in her 87-minute long speech.
Will PPF interest rate be finally hiked in 2024 after remaining unchanged since April 2020?
PPF, Senior Citizen Savings Scheme, and Sukanya Samriddhi Account: Interest rates of small savings schemes are due for revision at the end of this month. The interest rates of small savings schemes are linked to yields of 10-year Government Securities in the secondary market. There are set formulae for mark-ups over the previous three months’ average yield of relevant G-Secs of comparable maturity. Let's see if you are in for a New Year bonanza from the Central Government this time.
Senior Citizens' Savings Scheme latest interest rate
You can open a Senior Citizens' Savings Scheme (SCSS) account alone or with your spouse at any bank or post office. SCSS has a 7.4 percent interest rate for the quarter ending March 31, 2022.
How to open a Senior Citizens’ Savings Scheme
For senior citizen investors, safety and returns play an important role while choosing an investment vehicle. The Senior Citizens’ Savings Scheme (SCSS) can be availed from a post office or a bank by anyone above 60, i.e., a senior citizen.
Senior Citizens Savings Scheme (SCSS) saves tax, beats bank FDs: Here's all you need to know about it
Backed by the government, the scheme offers capital protection, along with quarterly interest payment as a source of income. Senior citizens can claim deduction under Sectio 80TTB on the interest earned from SCSS.
Senior Citizen Savings Scheme's investment limit increased to Rs 30 lakh: Budget 2023
Senior Citizen Savings Scheme (SCSS) Investment Limit: For the quarter ending March 31, 2023, the government has raised the interest rate for the Senior Citizen Savings Scheme (SCSS) to 8%.
Senior Citizen Savings Scheme investment limit hiked to Rs 30 lakh: Govt issues notification
Budget 2023 proposed a hike in investment limit in Senior Citizen Savings Scheme (SCSS. A hike of Rs 15 lakh was proposed in the SCSS. As per the proposal, the maximum investment limit in SCSS has been doubled from Rs 15 lakh to Rs 30 lakh. Now the government has issued a notification for the same.
Govt says Senior Citizens Savings Scheme taxable
The Government on Wednesday clarified that the Senior Citizens Savings Scheme, that gives 9 per cent interest rates on investment up to Rs 15 lakh, is taxable and that tax would be deducted at source for those elderly people who come under the tax net.
Senior Citizens’ Savings Scheme: Who can invest, how to open SCSS account
An SCSS account can be opened at an authorised bank. It's a good idea to check with your bank whether it offers this facility. An SCSS account can be opened at a post office too.
Top 7 investment options for senior citizens who want regular income
Here are seven popular investment options that senior citizens can consider for a regular income.
Govt needs to exempt tax on interest earned under senior citizens scheme: SBI study
The RBI should also now mandate that the liability of the banks "also move in tandem" with lending rates.
Senior citizen savings scheme: What is the SCSS interest rate for the January-March 2024 quarter?
The government-backed Senior Citizen Savings Scheme (SCSS) is available for those over the age of 60, or 55. The government fixes the interest rate on SCSS every quarter.
Interest rate up to 8.2%: Latest interest rates of PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi, other post office schemes
Latest small savings schemes interest rates: The savings schemes offered by post offices consist of the Public Provident Fund, Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposits (POTD), Mahila Samman Savings Certificate, and Post Office Monthly Income Scheme (POMIS).
7.1% PPF interest rate or 8.2% returns from Senior Citizen Savings Scheme (SCSS): Where should someone in 20% tax bracket invest?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Govt to revise small savings rate by end of this month
The government, however, may leave the interest rates on Senior Citizen's Savings Scheme and Sukanya Samriddhi Accounts unchanged.
Tax queries: Does the senior citizens savings scheme qualify for section 80C benefits?
Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.
Your PPF, Senior Citizens Savings Scheme, other small savings schemes will be frozen if you fail to submit Aadhaar details by this date
If the Aadhaar number is not provided by this date, your small savings investments will be frozen until the Aadhaar number is submitted.
Plus and minus points of Senior Citizens’ Savings Scheme
SCSS offers tax benefits under Sec 80C and allows premature withdrawals. However, there are a few problems that need to be fixed.
Where to invest Rs 83 lakh to get regular income during retirement
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Here are all the benefits available to senior citizens
Here's a list of some of the most useful facilities and benefits available to senior citizens in India to ease their financial burden.
RBI notifies new interest rates on PPF and Senior Citizen Savings Scheme
Reserve Bank today notified 0.1 per cent reduction each in interest rates on Public Provident Fund (PPF) and Senior Citizen Savings Scheme.
Can Senior Citizen Savings Scheme account be closed anytime? What are the penalties for premature withdrawal
Depositors are allowed to open multiple accounts under this plan, with a cumulative maximum limit of Rs. 30 lakhs for all accounts. The SCSS account was designed exclusively for seniors who want to save for the future.
Here's a quick comparison of interest rates on tax-saving debt investments
But before you get down to choosing a tax saving investment you should probably first calculate how much you need to invest to save tax.
I am 59 year and retired. How should I invest the money I get from selling my flat?
The sale of real estate will entail capital gain tax. Do discuss available tax-saving avenues with a tax consultant.
Interest rate for PPF may not change next quarter
The finance ministry is expected to notify the interest rates on small savings schemes for the July-October quarter this week.
Why it is advisable to continue investing when stock market falls
Equity is a volatile asset class and market corrections gives you the opportunity to buy quality equities at a fair price.
