The Senior Citizens Savings Scheme (SCSS) is designed specifically for elderly individuals residing in India. This scheme provides a reliable source of income along with top-notch security and tax advantages. Eligible senior citizens residing in India have the option to invest a lump sum amount in the scheme either individually or jointly, in order to … Read more
My husband passed away in December 2023. Now with his death, I can only invest Rs 30 lakhs in Senior Citizen Savings Scheme (SCSS) in my name instead of Rs 60 lakh previously done for both. Where can I invest this money now, where I can get maximum, risk-free returns with a lock-in period of 5 years. Name … Read more
When planning for a secure financial future, particularly retirement, the Senior Citizens Savings Scheme (SCSS) stands out as a reliable option. Made for those aged 60 and above, this government-backed scheme is tailored to meet unique financial needs of retirees, ensuring that they have a steady income stream during their post-retirement years. The SCSS is … Read more
FD investment: As investors enter their golden years, their investment appetite change as they tend to move towards safer tools from riskier ones. A fixed deposit (FD) is a financial instrument provided by various financial institutions such as banks and Non-Banking Financial Companies (NBFCs). Fixed deposits are known for their competitive interest rates, which are … Read more
I am a 65-year-old senior citizen. My Senior Citizen Savings Scheme has matured, and I want to withdraw the entire amount with interest and reinvest the principal amount of Rs 15 lakh for five years. Can I reinvest in the same scheme for five years? What should be my investment strategy? Reply by Rajiv Bajaj, … Read more
The new financial year in India has started on April 1. It is that time of the year, wherein salaried individuals will be asked about their investment plans so that employers can deduct taxes in an planner manner till next March. Investors should note that the Centre has numerous opportunities for savings and expenses through … Read more
The Centre has recently revised the interest rates applicable to small savings schemes for the quarter of January-March 2024. Though it didn’t revise the interest rates for Senior Citizens Savings Scheme, the government-back scheme offers one of the best competitive rates to Indian residents aged above 60 years. Here’s a quick comparison of Senior Citizens … Read more