Interest Rate of Senior Citizen Savings Schemes in india

Gold Monetization Scheme (GMS)

Interest Rate of Senior Citizen Savings Schemes in india. Currently, the SCSS interest rate is 7.4%. The Government of India revises the SCSS interest rate, along with other savings schemes, on a quarterly basis. The SCSS Interest Rate 2022 (for the first quarter of the New Year 2022) has remained unchanged.
1.5% of the deposited amount if withdrawn before the completion of 2 years 1% of the amount on withdrawing after the completion of 2 years.
Account can be opened with a minimum deposit of Rs 1,000 or any amount in multiples of Rs 1,000, but not more than Rs 15 lakh. The scheme allows you to have many accounts. The total amount of deposits in all SCSS accounts, however, must not exceed the maximum limit. Section 80C allows for a deduction for investments made in the SCSS account.

Opening an SCSS account

Account can be opened with a minimum deposit of Rs 1,000 or any amount in multiples of Rs 1,000, but not more than Rs 15 lakh. The scheme allows you to have many accounts. The total amount of deposits in all SCSS accounts, however, must not exceed the maximum limit. Section 80C allows for a deduction for investments made in the SCSS account.

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