Ask Value Research

Is the new rate applicable to existing SCSS?

For existing investors, the interest rate remains fixed for the five year tenure

I have deposited in SCSS in FY 2015-16 9.3 percent. From April 2016 onwards will the interest rate on my account reduce to 8.6 percent or will it continue 9.3 percent as contracted at the time of account opening?
- R Sampath

The new interest is applicable for newly opened Senior Citizen Savings Scheme (SCSS) in the quarter April 2016 to June 2016. Your SCSS account is locked in at that rate for 5 years. So your rate of interest will remain at 9.3 per cent until the maturity date of your account.

This article was originally published on August 19, 2016.

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