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A Senior Citizens Savings Scheme (SCSS) account is a retirement benefit account that is supported by the Indian government.

Indian senior citizens who invest a lump sum in the plan, either individually or jointly, can take advantage of the account's benefits.

Senior Citizens Savings Schemes can be availed by any individual above the age of 60 years.
SCSS Information
Tenure
5 years
Interest Rate
8.20% p.a.
Investment Amount
Maximum amount that can be deposited is Rs.30 lakh
Premature Withdrawal Allowed

The Senior Citizens Savings Scheme (SCSS) was launched with the main aim of providing senior citizens in India with a regular income after they attain the age of 60 years old. Some of the main benefits of the scheme are:

Tax benefits are provided.
Safe to invest in the scheme.

Process to Open an SCSS Account
An SCSS account can be opened at a bank or a post office.
Submit the application form along with the Know Your Customer (KYC) documents.
A cheque for the amount that is being deposited must be provided.

SCSS Eligibility
An individual who has attained the age of 60 years or above at the time of opening an SCSS account.
Individuals who have reached the age of 55 years old but are below the age of 60 years old and have retired on superannuation are eligible to open an SCSS account.
Individuals who have attained the age of 55 years old and have retired before the implementation of the SCSS rules are eligible under the scheme.
Non-Resident Indians (NRIs) are not eligible to open an SCSS account.

SCSS Interest Rate
Currently, the SCSS interest rate is 8.20% p.a. The returns of the SCSS are high when compared to savings and Fixed Deposit (FD) accounts. Interest is payable on March 31, June 30, September 30, and December 31.

Quarterly interest is paid on the initial working day of April, July, October, and January.

How SCSS works?
Here are the details about how SCSS operates:

In a single instalment open an SCSS account by contributing of Rs.1000 to up to Rs.30 lakh
From the date of maturity, the account can be extended for another three years
The extension of the account can be done one year from the date of maturity

Benefits of SCSS
The following are the benefits of SCSS:

The SCSS account can be opened easily at any post office or authorised banks
The tenure of the SCSS account is five years which can be extended up to another three years
Income tax deduction can be availed for this scheme of up to Rs.1.5 lakh

Recurring Deposit (RD) account is a type of investment account offered by banks and other financial institutions in India that allows individuals to save money regularly and earn interest on those savings. In this article, we will delve into what an RD account is, how it works, its benefits and drawbacks, and provide an example to help you understand it better.

What is an RD Account?
A recurring deposit account is similar to a fixed deposit account. Still, the difference is that instead of depositing a lump sum at once, you deposit a certain amount regularly for a fixed period.

The term of an RD can vary from a few months to a few years, depending on the bank or financial institution. At the end of the term, you receive the principal amount plus the accumulated interest.

How Does an RD Account Work?

The interest rate on an RD is generally higher than that of a savings account, and the longer the account tenure, the higher the interest rate offered. The interest is compounded quarterly, meaning you earn interest on the interest you have already earned.

Benefits of an Recurring Deposit Account
RD (Recurring Deposit) account is a low-risk investment option
It allows you to save money in a disciplined manner regularly
The interest rates on RD accounts are usually higher than on regular savings accounts
The returns on RD accounts are guaranteed, making it a safe investment option

It is easy to open an RD account, and the process is simple and straightforward
Many banks offer RD accounts with the option of automatic debit from your savings account, making it convenient to save regularly.

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