Are the new rates applicable to existing SCSS accounts?

Recently, the government hiked the rate of interest of the small savings schemes for the third quarter, i.e., October 1, 2022 to December 31, 2022. For SCSS, the increase was by 20 bps - from 7.40 per cent to 7.60 per cent. So are the revised interest rates applicable to the old SCSS depositors? Let's understand. The Senior Citizen Savings Scheme (SCSS) is a risk-free government-backed scheme that offers a gu

This article was originally published on October 11, 2022.