Government May Hike SCSS Interest Rate Above 8 Percent Under Senior Citizen Savings Scheme

Senior Citizen Savings Scheme: Many schemes have been started under the Small Savings Scheme. Senior Citizen Scheme is one of these. Under this scheme, interest and tax benefits are given to senior citizens. Looking at the changes in small savings schemes by the end of this month, people are expecting that the government can increase the interest of Senior Citizens Savings Scheme.

A change was made regarding this in December last year or in the last quarter. During the last quarter, along with the Senior Citizen Savings Scheme, the interest of many other savings schemes was increased. At present, 8 percent interest is being given in this scheme of senior citizens.

Why interest may increase under SCSS

During the last few quarters, there has been a sharp increase in the policy rates, while on the contrary, the interest of Senior Citizen Saving Scheme or small savings schemes has increased at a slow pace. At the same time, the increase in the inflation rate can also affect it. Some experts believe that the government can increase it once again.

Why the interest of the scheme cannot increase

Some people also believe that in the last quarter itself, the government had increased the interest of small savings schemes. In such a situation, it is expected that the government will not increase the interest of Senior Citizen Saving Scheme this quarter. In December last year, the interest of this scheme was increased to 8 percent.

Investment limit has increased

If senior citizens invest in this scheme, then now they will be able to invest up to 30 lakhs instead of 15 lakhs. During this budget presented in February, the government has increased the limit of investment in it to Rs 15 lakh. Under this scheme, you can apply by going to the post office or bank.

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