13 COMMENTS

  1. Senior Citizen Saving Scheme (SCSS) , interest rates are being revised from 9.3 % to 8.6 % from 01/04/2016.
    1. Will the revised rates apply to accounts existing already or those opened after 1st April 2016 ?
    2. In case there is upward revision in FY 2016-2017 , Say in July 2016 , will this apply to accounts opened between 01-04-2016 and date of re-revision if any?
    Thanks for reading and replying

    • Hi D K Arora

      If you don’t have a pension and looking for a assured regular income with safety of capital after your retirement, you may have to invest in government-backed scheme like Senior Citizen Savings Scheme (SCSS) to secure a regular income to take care of your living expenses. The interest rate is locked in for five years at the rates prevailing at the time of your investment in SCSS. For example, if you open an account in the first quarter April-June 2016, you will get an interest of 8.6 per cent for the tenure of five years. The new interest rate announced every quarter will not be applicable to your existing accounts. It will be applicable to new accounts that are opened during that period.

  2. Sir.
    I am 77 yrs. I have a FD@ 10 % quarterly with SBH maturing on 24 Dec. 2016
    Is there any MF scheme where I can get same income.
    M M Siddiqui

  3. I have taken a voluntary retirement on 01/01/2017 at the age of 58 years from central government department. I am interested in post office Senior citizen savings scheme plan. Please give me full details of this plan. Thank you

  4. I am a retired person from Government of Sikkim ( HRDD) at age of 58 according to the rules and regulations of Sikkim Government.
    May I have the facility to Oppen an Account of MIS as a senior citizens interest rate?

  5. I opened an account SCSS on 07-01-2017 with SBI. They mentioned interest rate as 8.5 but everywhere I found as 8.6. What should be the correct rate?

    • Pl tell us Which bank is offering SCSS at 8.4% so that I can invest on this. Recently I took SENIOR CITIZEN 5yrs TAX SAVING DEPOSIT scheme at 6.5% annual interset only at Indian Bank. Is SCSS different from the scheme which I took in Indian bank?
      Pl advise

      Thanks

LEAVE A REPLY

Please enter your comment!
Please enter your name here