Can SCSS account be extended indefinitely?

The answer was no…

Until a few weeks back

What happened earlier?

The SCSS had a fixed tenure of five years. If desired, one could extend the same account for 3 more years. However, this extension was allowed just once.

But now, you can extend your SCSS indefinitely

New rule

Now, you don't need to open a new SCSS account after the 5-plus-3-year period. The SCSS can be extended indefinitely in blocks of three years each.

What you can do

SCSS is yielding 8.2% pa (Oct-Dec 2023). The rate isn’t likely to increase in future. So, it’s better to open a new account than seek an extension.

Here’s why

If you extend your SCSS account… You’d enjoy 8.2% returns for three years only. But if you open an SCSS account… You’d lock in the 8.2% returns for five years.

Note of caution:

This applies specifically to readers whose SCSS accounts are set to expire soon.

Thanks for Reading!