The investment date for cheque deposits is determined when the amount is reflected in the government’s account. 1 lakh, then the investment needs to be done via cheque. If the investment amount is greater than Rs. But, the total sum of money in all the accounts should not exceed the maximum limit. Joint depositor under Joint account cannot be a son or daughter, it has to be the spouse. You can either invest in a single account under your name or a joint account with your spouse. There is no limit on the number of accounts that can be maintained by a senior citizen. 15 lakhs in this scheme or the money you received as your retirement benefit, whichever is lower in value. This means that you can either invest Rs. You have to make sure that the amount you are investing is less than what you received upon your retirement. 15 lakhs can be invested in this scheme but all in the denominations of Rs. The minimum investment required is Rs 1000 and further in multiples thereof.Ī maximum of Rs. Let us understand the various investment limits under Senior Citizen Saving Scheme one by one Interest Rate compounded and paid quarterly Interest Rate on Senior Citizen Savings Scheme for FY 2019-20(AY 2020-21) Interest Period FY 2019-20 Check the table below to know when your returns will be credited in your account: The interest rate is calculated and paid on different dates. If you are extending your account post-maturity, then the interest prevailing at that time will be applicable. The interest rate is fixed on the investment according to the rate fixed for that quarter. For the quarter ending 31st March 2020, the interest rate has been fixed at 8.6% p.a. The interest rates are reviewed and revised every quarter of the financial year by the finance department. The interest rates are determined by the Ministry of Finance, under the Government of India. Good Returns: Offers a good return with the current interest rate offered being 8.6% compounded and paid quarterly.Multiple Accounts: Holding more than one 5 year senior citizen saving scheme account upto the aggregate limit of Rs 15 lakh is allowed.However, a deposit above 1 lakh has to be done by cheque. Mode of Deposit: Deposit can also be made in cash or DD.Lump Sum Investment: Gives you a secure option to invest your lump sum money received at the time of retirement.So, it’s one time payment.Nominees: You can have one or more nominees to your senior citizen saving scheme account.Joint Holding Permissible: You can hold senior citizen saving scheme account with your spouse.Extended Period: Even after the lock in of five year if you want you can further extend the time period of your investments by 3 years.Tax Benefit: Amount invested is eligible for tax benefit upto Rs 1.5 lakhs under section 80C.5 year Senior Citizen Saving Scheme (SCSS) offers following benefits to its investors :