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Can I extend my SCSS account's maturity period months after its expiry?

Senior Citizen Savings Scheme (SCSS)'s maturity period can be extended within one year from its date of expiry

SCSS account: Can I extend its maturity period after expiry?AI-generated image

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The maturity period of my Senior Citizen Savings Scheme (SCSS) account expired four months ago. The deposit has been sitting idle in the post office since then. Is it now possible to extend the maturity for three years? If yes, will I receive interest for the past four months? - Kamble

Yes. The maturity period of a Senior Citizen Savings Scheme (SCSS) account can be extended within an year of its expiry by submitting an application.

To answer your second question, the interest rate that was applicable on the day of SCSS maturity, will continue for the extended period. This means you will receive interest for the four months that have passed at the same rate applicable at maturity.

Here's an example of how it will work. Say your SCSS account's maturity period expired on December 31, 2023. You can extend it anytime before December 31, 2024. The interest rate at the time of maturity was 8.2 per cent per annum, hence, you will continue to earn this rate for the extended duration.

Also read:
SCSS can now be extended indefinitely
Should I open a new SCSS account to secure a higher interest rate?

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