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      Question

      What is the upper investment limit under the Senior

      Citizens' Saving Scheme ?  
      A Rs.2.5 lakh Correct Answer Incorrect Answer
      B Rs.5 lakh Correct Answer Incorrect Answer
      C Rs.15 lakh Correct Answer Incorrect Answer
      D Rs.30 lakh Correct Answer Incorrect Answer
      E No upper limit Correct Answer Incorrect Answer

      Solution

        Senior Citizens' Saving Scheme (SCSS) - As the name suggests, only senior citizens or early retirees can invest in this scheme. SCSS can be availed from a post office or a bank by anyone above 60 .   

      • It is a risk free tax saving investment option.   
      • SCSS has a five-year tenure, which can be further extended by three years once the scheme matures.   
      • The minimum deposit is Rs.1,000 and the  upper investment limit is Rs 30 lakh.    
      • The interest rate on SCSS is payable quarterly and is fully taxable 

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