Question

    The Government of India hiked the deposit limit and

    interest rate for the Senior Citizen Savings Scheme (SCSS) this year & has also now allowed senior citizens to deposit up to _______ per person for a period of 5 years.
    A Rs.25 lakh Correct Answer Incorrect Answer
    B Rs.30 lakh Correct Answer Incorrect Answer
    C Rs.35 lakh Correct Answer Incorrect Answer
    D Rs.40 lakh Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Government of India hiked the deposit limit and interest rate for the Senior Citizen Savings Scheme (SCSS) this year. For the July-September quarter, the SCSS scheme is offering 8.2% interest, which is likely to remain unchanged in the October-December quarter of FY 2023-24. The scheme now also allows senior citizens to deposit up to Rs 30 lakh per person for a period of 5 years. This tenure can be extended for another 3 years.    The enhanced deposit limit means a senior citizen couple (husband+wife) can have separate SCSS accounts in their names and deposit Rs 30 each in both accounts.

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