BANKING GENERAL KNOWLEDGE
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Question
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Senior Citizens Savings Scheme
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Senior Citizens Savings Scene
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Senior Certificate Savings Scheme
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Senior Citizens System Scheme
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Detailed explanation-1: -SCSS, short for Senior Citizen Savings Scheme is a government-sponsored savings instrument for individuals above the age of 60. The Government of India introduced this scheme in 2004 intending to provide senior citizens with a steady and secure source of income for their post-retirement phase.
Detailed explanation-2: -An individual who has attained the age of 60 years or above on the date of opening of an account or an individual who has attained the age of 55 years or more but less than 60 years and has retired under Superannuation, VRS or Special VRS, can open an account.
Detailed explanation-3: -SCSS Interest Rate The returns of the SCSS is high when compared to savings and Fixed Deposit (FD) accounts. On the first instance, the interest is payable on the deposit date of March 31, September 30, and December 31, thereafter, interest is payable on March 31, June 30, September 30, and December 31.
Detailed explanation-4: -SCSS Interest Rate 2023 The SCSS interest rate applicable in the first quarter of 2023 (January-March) is 8%. The Government revises Senior Citizen Savings Schemes (SCSS) interest rate on a quarterly basis.