SCSS Account: Is it possible to establish several SCSS accounts? Interest rates from the government are 8.2 percent

 SCSS Account: Is it possible to establish several SCSS accounts? Interest rates from the government are 8.2 percent

SCSS Account: Is it possible to establish several SCSS accounts? Interest rates from the government are 8.2 percent

One excellent alternative for elderly individuals to establish a source of income after retirement is the elderly Citizen Savings Scheme. A Senior Citizen Savings Scheme Account may be opened in a private, public, or post office bank. On the other hand, you may now begin investing from home by creating an online SCSS account. Find out whether you are able to open multiple accounts.

An excellent way for seniors to secure an income stream after retirement is via the government-sponsored Senior Citizen Savings Scheme (SCSS), which is a post office program. Currently, 8.2 percent is the interest rate on Government SCSS.

A Senior Citizen Savings Scheme account may be opened at any post office, public or private bank. But these days, you may create an online SCSS account from the comfort of your own home and begin investing. Can you, however, create several SCSS accounts? Tell us everything in detail.

It is possible to open several accounts.

It is true that you are able to establish several Senior Citizen Savings Accounts (SCSS). It's important to keep in mind that, even if you establish many accounts, the total amount you invest in all of them cannot go over the SCSS total investment cap. You and your spouse may create a single or joint account, if you so want.

Who is qualified?

You must be 60 years of age or older to get SCSS. On the other hand, you may still profit from this plan if you are retired and older than 55 but younger than 60.

Obtain tax advantages

The Government of India supports this initiative, thus there is very little chance of losing money in it. This plan has a 5-year maturity period that you may extend by an additional 3-year period.

In addition, there are tax advantages associated with this. You are free from income tax up to Rs 1.5 lakh under Section 80C. You may invest as little as Rs 1000 and as much as Rs 30 lakh in this plan.

You are able to take money out prior to maturity

You have the option to withdraw funds from SCSS before to maturity. Money withdrawals are only permitted a year after the SCSS account is opened.

After creating an account for a year, individuals may withdraw the whole sum. Within a year of the account establishment, there are no fees associated with early account closing. However, 1.5% of the principal amount will be withheld in the event that the account is closed within two years of establishment but after one year.

A one percent fee will be deducted from the principal amount in the event that the account is closed after two years but before five years after account establishment.