Disadvantages Of Senior Citizen Savings Scheme

Zee Media Bureau
May 10, 2023

Taxation

If you have to pay tax on interest if it crosses Rs 50,000 cap in single financial year

Claim for interest

SCSS account holders must submit a claim for interest each quarter in order to keep their money earning interest

Age Limit

Only citizens over 60 years are eligible for investment

Lock in period

Lock-in period of the scheme is 5 years

Interest Rate

Account holders lose out on the advantages of a high-interest rate because it offers a set interest rate.

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