Is it worth investing in Senior Citizen Savings Scheme (SCSS) from April? Since the lock-in period is for five years, will the government change the rate of interest every quarter?
- Nagarjan Venkatakrshnan
If you don't have a pension and looking for a assured regular income with safety of capital after your retirement, you may have to invest in government-backed scheme like Senior Citizen Savings Scheme (SCSS) to secure a regular income to take care of your living expenses. The interest rate is locked in for five years at the rates prevailing at the time of your investment in SCSS. For example, if you open an account in the first quarter April-June 2016, you will get an interest of 8.6 per cent for the tenure of five years. The new interest rate announced every quarter will not be applicable to your existing accounts. It will be applicable to new accounts that are opened during that period.
This article was originally published on March 29, 2016.
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