Latest Senior Citizen Savings scheme interest rate: What is the SCSS interest rate for the April- June 2024 quarter?
Senior Citizen Savings Scheme (SCSS) is open to anyone over the age of 60, and 55 for those who have retired on superannuation or under a voluntary or special voluntary plan, and 50 for retired military personnel (excluding civil defence service).
Note that if an account has been opened in contravention of the SCSS Rules, the account shall be closed immediately and the deposit in the account, after deduction of the interest, if any, paid on such deposit, shall be refunded to the depositor.
PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi and other small savings schemes' rates announced for April-June quarter; check here
Was interest rate hiked for quarter April- June 2024?
Every quarter, the government sets the interest rate on SCSS. For this quarter, the interest rate on SCSS has not been increased by the government. 8.2% interest is available to account holders on their deposits. The interest is completely taxed and due each quarter. Interest is payable from the date of deposit until the 31st March/30th September/31st December in the first instance, and thereafter on the 1st April, 1st July, 1st October, and 1st January.
SCSS details
The account shall be opened with a minimum deposit of Rs. 1,000 or any sum in multiples of Rs. 1,000 not exceeding Rs. 30,00,000. The tenure of the deposit is 5 years and can be further extended by 3 years.
Also read: Latest PPF interest rate: Was Public Provident Fund rate hiked for April-June 2024 quarter?
The government issued a notification on November 7, 2023, making
