Is SCSS interest rate fixed for 5 years?

May 08, 2023 Rajeev Kumar

Yes, Senior Citizen Savings Scheme (SCSS) interest rate is fixed for 5 years. Read on to find more interesting details

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Senior Citizens can currently open an SCSS account and invest up to Rs 30 lakh at 8.2% interest.

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By investing Rs 30 lakh, senior citizens can earn a total interest income of Rs 12.3 lakh in 5 years.

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SCSS interest is paid on a quarterly basis. The quarterly interest payment for Rs 30 lakh deposit will be Rs 61,500.

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By investing Rs 20 lakh, senior citizens can earn a total interest of Rs 8.2 lakh in five years and Rs 41,000 quarterly interest.

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SCSS account can be further extended for 3 years at the same 8.2% interest rate.

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By depositing Rs 15 lakh, the accountholder can earn an interest income of Rs 6.15 lakh in 5 years and a quarterly receivable interest of Rs 30,750.

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Those who opened their SCSS account at a lower interest can also close their old account and start a new account for higher interest.

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