Post Office Rules Changed: The withdrawal guidelines for the Senior Citizens Savings Scheme (SCSS) offered by the Post Office have been modified. SCSS serves as a retirement savings scheme for older individuals
Post Office Rules Changed
Post Office Rules Changed: Changes to Post Office Withdrawal requirements: The Post Office has made changes to the requirements for premature withdrawal from the Senior Citizen Savings Scheme (SCSS). Investors will gain more than before when the new rules are implemented.
New rules in India 2023
Post Office Rules Changed: According to an Economic Times story, under the new rule, if any SCSS investor withdraws money before the one-year term of account establishment, one percent of the deposit would be withheld. Previously, no interest was given if a SCSS investor withdrew money within the first year of investing. The account holder was then awarded the whole remaining balance.
What is mean by SCSS?
Post Office Rules Changed: Senior Citizen Savings initiative is a government investment initiative that falls under the Post Office’s Small Savings Scheme. Anyone over the age of 60 can participate in this plan. At the same time, anyone under the age of 55 or 60 who is receiving VRS and superannuation can create a SCSS account. At the same time, anybody over the age of 50 who has retired from the Defence Services can register an account in SCSS.
Post Office Rules Changed: Senior Citizen Savings initiative is a government investment initiative that falls under the Post Office’s Small Savings Scheme. Anyone over the age of 60 can participate in this plan. At the same time, anyone under the age of 55 or 60 who is receiving VRS and superannuation can create a SCSS account. At the same time, anybody over the age of 50 who has retired from the Defence Services can register an account in SCSS.
Minimum interest on SCSS
Post Office Rules Changed: The government offers 8.2 percent interest on SCSS. This is for the months of October to December. The government announces the new SCSS interest rate every quarter.