The maximum permissible cash deposit limit in Senior Citizen Savings Scheme (SCSS) account is less than ________
Question
The maximum permissible cash deposit limit in Senior Citizen Savings Scheme (SCSS) account is less than ________
Solution
The maximum permissible cash deposit limit in the Senior Citizen Savings Scheme (SCSS) account is less than ₹1.5 million (or ₹15 lakh). The SCSS is a government-backed savings instrument specifically designed for senior citizens aged 60 years and above. The scheme aims to provide a secure and regular income to retirees.
Individuals can open an SCSS account with a minimum deposit of ₹1,000, and the deposits can be made in multiples of ₹1,000. The interest rate offered on the SCSS is generally higher than average bank savings accounts, making it an attractive saving option for seniors.
It’s important to note that the limit on deposits is subject to government regulations and may change, so it's advisable to check the latest information from official sources or financial institutions for any updates.
Similar Questions
Which savings account will earn you the least money?
The cash reserves that commercial banks are legally required to keep are held in the form of at the South African Reserve Bank, where they earn no interest.
Identify the saving certificate scheme?a. Kisan Vikas Patrab. Pradhan Mantri Jan Dhan Yojnac. Kisan Credit cardd. All of the above
For a member of SSS to claim a lifetime monthly pension, he must be at least 60 years old and have at least _____________ monthly contributions.
Money market deposit accounts are included in:
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.