Now, senior citizens can enjoy high and guaranteed returns for long term

Since there are penalties for premature withdrawal, take liquidity needs into account

senior citizens, insurance

SCSS is an attractive scheme for senior citizens who want high (8.2 per cent currently), risk-free returns

Bindisha Sarang
The government has made a few changes to the Senior Citizen’s Savings Scheme (SCSS), 2019, through the Senior Citizen’s Savings (Fourth Amendment) Scheme, 2023. Says Gaurav Aggarwal, chief product officer (credit products), Paisabazaar: “The objective of these amendments is to make the scheme more beneficial for retired employees and their spouses.”

Multiple extensions
SCSS beneficiaries had previously been allowed to extend the scheme by three years, once the scheme matured after five years. Now they can extend it multiple times in blocks of three years each. The interest rate will be the one prevalent at the time of the scheme’s maturity or on the date of extended maturity.
Says Aggarwal: “With multiple extensions, retirees now get the option to stay

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First Published: Nov 20 2023 | 10:14 PM IST

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