3. Interest Rates : The interest rates for the SCSS are reviewed and revised by the government periodically. As of 2023, the interest rate stands at - 8.3% per annum, payable quarterly.
+ 8.2% per annum, payable quarterly.4. Investment Duration : The tenure of the SCSS is five @@ -639,7 +590,7 @@
The interest rate of the SCSS is a crucial factor that makes it an attractive option for senior citizens looking to grow their savings. The scheme's interest rates are revised by the government based on market conditions and economic trends. As of 2023, the - interest rate is set at a competitive 8.3% per annum.
+ interest rate is set at a competitive 8.2% per annum.This interest is calculated quarterly, providing a stable and consistent source of income for senior citizens. The interest earned is taxable under the Income Tax Act, but it is important to note that tax is deducted at source if the interest exceeds ₹50,000 in a @@ -669,7 +620,7 @@
The interest rates for the SCSS are subject to change based on economic - conditions. In 2023, the interest rate remains stable at 8.3% per annum, making it an attractive + conditions. In 2023, the interest rate remains stable at 8.2% per annum, making it an attractive choice for senior citizens seeking higher returns than traditional savings accounts.
As of 2023, thepost office SCSS interest rate stands at - 8.3% per annum. This consistency provides retirees with stable returns, ensuring a peaceful + 8.2% per annum. This consistency provides retirees with stable returns, ensuring a peaceful retirement without financial worries.
Q : What is the interest rate for the SCSS?
-As of 2023, the interest rate for the SCSS is 8.3% per annum.
+As of 2023, the interest rate for the SCSS is 8.2% per annum.
Q : Is the interest earned taxable?
Yes, the interest earned from the SCSS is taxable under the Income Tax Act.
@@ -893,12 +844,14 @@