Senior Citizen Savings Scheme 2024: That being said, despite saying that you may not think about planning for your old days when you are young, you will have to think about it after some time. The only reason for financial security is the day-to-day increasing cost of medical expenses. To reduce their financial burden, the Government of India has taken several initiatives for the welfare of senior citizens of our country. The government has launched several pension schemes to help senior citizens create a stable income and reduce their financial burden.
Senior Citizen Savings Scheme is A government-sponsored savings options specifically designed to provide financial security to senior citizens of the country. The Senior Citizen Savings Scheme proposes to provide regular income to Indian residents aged 60 years and beyond, even after marriage. Deposits under this scheme are made for 5 years and can be extended for a further period of 3 years.
Objective of the Senior Citizen Savings Scheme 2024
The main objective of the Senior Citizen Savings Scheme is to mobilize small savings into regular profits, along with investment and tax benefits.
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Benefits of the Senior Citizen Savings Scheme 2024
Senior Citizen Savings Scheme is an ideal option as it is a savings and investment vehicle for senior citizens. Being a government-backed investment scheme, it offers higher interest rates than other normal schemes. SCS is designed to meet the specific insurance needs of an investment-oriented senior citizen.
By applying from there under regulated Indian Life Insurance, senior citizens will receive Rs 20,000 per month. This scheme is part of the new schemes for every section of the people of the country, in which they have the opportunity to get high profits by investing. One of these schemes is also for senior citizens, in which you can get Rs 20,000 per month. This scheme can be availed by those who want to receive a fixed amount every month and are retired. Interest in this scheme is good. In this way, this scheme can become an excellent source of income in old age for the senior citizens of the country.
LIC Senior Citizen Savings Scheme
Under LIC Senior Citizen Savings Scheme (SCSS), people above 60 years of age can avail of its benefits. To join this scheme, you will have to invest a certain amount. In this scheme, LIC receives interest at the rate determined by the Reserve Bank, due to which this interest becomes a source of stable income for you every month. Under this scheme, very good interest rates are provided to senior citizens.
Changes in SCSS Scheme in New Budget
The amount of investment in this scheme has been increased in Budget 2024, according to which the Central Government has increased the amount available for investment. With this, you can now invest up to Rs 30 lakh under the Senior Citizens Saving Scheme. Earlier the maximum limit of the amount invested in this scheme was up to Rs 15 lakh, but now by increasing this limit, senior citizens can get more money in the form of interest every month.
Changes in the interest rate of the scheme?
Along with this, there has also been a change in the interest rate of Senior Citizen Savings Scheme. Now 8 percent interest rate will be available in this scheme. You will be happy to know that before January 1, 2023, senior citizens used to get interest at the rate of 7.6 percent in this scheme.
By increasing the maximum investment limit and interest rate in these LIC schemes, now senior citizens will be able to get double the monthly amount as interest.
How much Senior Citizen Scheme will get?
By increasing the investment limit and interest rate in LIC’s Senior Citizen Saving Scheme in the new budget, now more money will be available in this scheme. If you invest Rs 30 lakh in this scheme,
So, after five years you will get an interest of Rs 12 lakh on maturity at 8 percent interest rate,And Rs 30 lakh will be added to your deposit.
Maturity amount of the Senior Citizen Savings Scheme 2024
According to this scheme, after five years you will get a total amount of Rs 42 lakh on maturity. Earlier the investment limit in this scheme was Rs 15 lakh, due to which the initial amount was Rs 15 lakh. In this, along with 7.6 percent interest, a total of Rs 20.70 lakh was received on maturity, which included Rs 1.14 lakh annually and Rs 9.5 per month.
How to apply for LIC Senior Citizen Savings Scheme 2024?
Here we have mentioned all the steps to apply for the Senior Citizen Savings Scheme 2024
- If your age is more than 60 years, you can open this account.
- You can open this account in post office.
- Additionally, you can also open this account in some selected government or private banks.
- For this you will have to go to the bank branch authorized for this scheme in your area.
- After receiving the form related to this scheme from there, fill all the information asked in it correctly.
- Attach the required documents with the form and submit it at the same place
- From where you have received the form.
- In this form, you can open your account in LIC Senior Citizen Saving Scheme.
- If you want to apply online, you can apply online by visiting the official website of Life Insurance Corporation of India.
FAQ’S: Senior Citizen Savings Scheme 2024
What amount of rupees is Senior Citizen Savings Scheme 2024 is offering ?
The Senior citizens will get rupees 20,000/month through Senior Citizen Savings Scheme 2024.
What is the eligibility criteria for Senior Citizen Savings Scheme 2024?
An individual should be Indian residents aged 60 years and beyond.
What is the Maturity amount of the Senior Citizen Savings Scheme 2024?
According to this scheme, after five years you will get a total amount of Rs 42 lakh on maturity
