Senior Citizen Savings Scheme (SCSS) rule change: Multiple extensions available; when to opt for it, when to avoid
Published by Economic Times
Abhishek Kumar's role: Quoted
Abhishek Kumar, founder of SahajMoney, said no tax deduction can be claimed for extending an SCSS account, and that seniors who want a steady quarterly income gain from being able to extend it repeatedly in three-year blocks.
Read our guide: Senior Citizens' Savings Scheme (SCSS) Guide
More of Abhishek's views on retirement
Economic Times explains the rule change that lets Senior Citizen Savings Scheme accounts be extended repeatedly in three-year blocks after the five-year term, rather than only once. It covers how to apply, the interest rate that applies during an extension, the lack of a Section 80C deduction on extensions, and how SCSS at 8.2% compared with senior citizen FDs at the time. It includes comments from Abhishek Kumar.
Publisher source
Senior Citizen Savings Scheme (SCSS) rule change: Multiple extensions available; when to opt for it, when to avoid
