Should I open a new SCSS account to secure a higher interest rate?

I opened a Senior Citizen Savings Scheme (SCSS) account two years ago at an interest rate of 7.4 per cent. Considering the current higher interest rate of 8.2 per cent, would you recommend closing and reopening the account to benefit from this rate? What penalties would apply? - Anonymous If you close your Senior Citizen Savings Scheme (SCSS) account two years after opening it but before it matures at the end of five years, a penalty of 1 per cent of the d

This article was originally published on February 29, 2024.