Senior Citizen Savings Scheme
Income tax savings via post office schemes: 5 small savings options that save tax under Section 80C
Post Office Savings Schemes are secure investment options in India, offering tax benefits under Section 80C of the Income Tax Act. The following Post Office Savings Schemes offer tax benefits under Section 80C of the Income Tax Act.
Senior citizen FDs vs Senior Citizen Savings Scheme: Check which one offers higher interest rate for senior citizens
Bank fixed deposits (FDs) and the Senior Citizen Savings Scheme (SCSS) are popular investment options for senior citizens seeking risk-free returns. SCSS offers an 8.2% interest rate, while various bank FDs provide interest rates ranging from 7% to 8% for senior citizens, depending on the bank and tenure.
Saturday bank holiday: Are banks open or closed today on February 22, 2025?
The bank holidays in different states differ according to national, state-specific, and festival holidays. Digital transactions, ATMs, and mobile banking services will function as usual on bank holidays.
Best fixed income options for retirees seeking tax efficiency
Retirees should prioritize safety, certainty, and liquidity in investments. Shift from illiquid assets like property to bonds or FDs for stable returns. Explore tax-efficient options like tax-free bonds and SCSS. Avoid high-risk instruments, maintain an emergency fund, and ensure nominee details are updated. Enjoy post-retirement life without financial stress.
This bank revises FD rates; senior citizens can get up to 8.75% interest rate for longer tenure now
Ujjivan Small Finance Bank has updated its FD and savings account interest rates effective from February 21, 2025. Fixed deposits remain one of the safer and most preferred investment options for people seeking consistent returns.
Small savings rates may be realigned from June quarter
With the central bank initiating a rate cut cycle, the government might adjust interest rates on small savings schemes from June. Currently, popular schemes like PPF and Sukanya Samriddhi accounts offer annual interests of 8.2% and 7.1%, respectively, while aligning closely with yields on comparable government securities.
These 8 banking stocks can give more than 34% returns in 1 year, according to analysts
Banking is one sector where FPIs have a very high exposure. Despite that, if you look at the broad picture, banking stocks have not seen the kind of selling you would expect when there is large-scale offloading by FPIs, as seen these past few months. Obviously, there has to be a reason for this. Well, some of the large private banks have already witnessed selling and underperformance; and, when it comes to PSU banks, there has been certain structural improvement. Clearly, it is time to treat the banking sector differently as compared to other sectors that are witnessing selling.
These Sec 80C options can be good investments even without tax breaks in new tax regime
Though these deductions find no place in the new tax regime, here’s why some investments still deserve a place in your portfolio.
Has Section 80C deduction limit hiked? Check how much tax you can save after Union Budget 2025
No hike has been announced in the Section 80C deduction limit in Budget 2025. Deduction under Section 80C of the Income Tax Act is available under the old tax regime only. For the upcoming fiscal year 2025-26, an eligible taxpayer will be able to claim the same maximum deduction of Rs.1.5 lakh under Section 80C.
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.
Best ways to save taxes: ELSS, NPS, ULIPs and 7 more investment options to maximise your tax saving this year
As the financial year inches towards the end, taxpayers are exploring tax-saving investments like ELSS funds, NPS, Sukanya Samriddhi Yojana, and more. Depending on your requirements, here is a list of tax-saving instruments you can invest in, ranked according to returns, safety, flexibility, liquidity, costs, transparency, ease of investment, and income taxability offered by each one of them. Read on to know more.
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.
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.
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.
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 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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
