Question
What is the upper investment limit under the Senior
Citizens' Saving Scheme ?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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