Guidelines to invest retirement benefits in the Senior Citizen Savings Scheme (SCSS): Lok Sabha QA

Guidelines to invest retirement benefits in the Senior Citizen Savings Scheme (SCSS): Lok Sabha QA

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
LOK SABHA
UNSTARRED QUESTION NO. 361

TO BE ANSWERED ON MONDAY, FEBRUARY 05, 2024/Magha 16, 1945 (Saka)

SMALL SAVING SCHEMES

361. SHRI KHAGEN MURMU:
     Will the Minister of Finance be pleased to state:

(a) whether the Government has made any changes in the rules related to opening of accounts of small savings schemes after retirement;

(b) if so, the changes that have taken place alongwith their detailed description; and

(c) the details of time limit for opening the account of Senior Citizen Savings Scheme?

ANSWER

MINISTER OF STATE IN MINISTRY OF FINANCE
(SHRI PANKAJ CHAUDHARY)

(a, b &c): Changes in the rules related to opening of accounts of Senior Citizen Savings Scheme (SCSS) were notified vide notification dated November 7, 2023 (copy enclosed).

Select changes are listed below:

• Retired individual of more than 55 years of age but below 60 years of age will now have three months’ time to invest retirement benefits in the SCSS, within guidelines indicated therein.
• The new rules allow the spouse of a government employee to open an account under this scheme, if the government employee who has attained the age of 50 years and has died in harness.
• The government has also specified the scope and meaning of the retirement benefits.
• The government has revised the rules for the extension of the SCSS scheme. The account holder may keep extending the account for unlimited number of blocks, each lasting three years by making an application within a period of one year from the date of maturity or from the date of end of each block period of three years.

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