What is the penalty for prematurely closing an SCSS account?

Just a brief background

- SCSS has a tenure of five years - As of December 2023, SCSS offers 8.2% interest rate

If you withdraw within a year…

- You will not receive any interest - Any interest already paid will be deducted from your original corpus

If you withdraw between 1 and 2 years…

- 1.5% of the invested amount will be deducted

If you withdraw between 2 and 5 years

- 1% of the invested amount will be deducted

If you withdraw after extending the SCSS beyond the 5-year tenure

- You can close the account after a year (the 6th year) without paying any penalty