Published: 01 Feb 2024
However, you can withdraw earlier, albeit at a cost. We walk you through all the penalty clauses applicable to premature withdrawals.
You’ll get back all your money invested, but the interest accumulated will be deducted.
There is a deduction of 1.5 per cent on the principal.
You are liable to pay a penalty of 1 per cent of the principal.
The SCSS can be extended for indefinite blocks of three years now.
A penalty of 1 per cent is applicable. This is the new rule. Earlier, you weren’t allowed to withdraw your SCSS amount in the sixth year.
It carries no penalty.
Since SCSS can be extended further than eight (5+3) years, the same principles apply in your 9th, 10th and 11th year.
While withdrawal in the first year of extension will have a penalty of 1 per cent, the second and third years will have no such conditions.