SCSS – Senior Citizen Savings Scheme

The Senior Citizen Savings Scheme (SCSS) is a savings scheme specifically designed for senior citizens in India, offering a fixed rate of interest and providing senior citizens with a secure investment option. The scheme is offered by the Indian government and can be availed from designated post offices and selected commercial banks. The minimum deposit for SCSS is INR 1000, with a maximum deposit limit of INR 30 Lakhs per individual. The investment tenure is five years, with the option of extension for a further three years.

As of February 1st, 2023, if the interest rate is 7.4% p.a., then investing INR 30,00,000 in the Senior Citizen Savings Scheme (SCSS) would result in an annual income of approximately INR 2,22,000.

The benefits of the Senior Citizen Savings Scheme (SCSS) are as follows:

  1. Fixed-rate of interest: SCSS offers a fixed rate of interest, providing senior citizens with a secure and predictable source of income.
  2. Tax benefits: The interest earned on the deposit is taxable but is eligible for tax benefits under Section 80C of the Income Tax Act.
  3. Safe and Secure: Being a government-sponsored scheme, SCSS is a safe and secure investment option for senior citizens.
  4. Easy to open: The process of opening an SCSS account is simple and straightforward, with minimum documentation required.
  5. Widely available: SCSS accounts can be opened at designated post offices and selected commercial banks, making the scheme widely available to senior citizens.
  6. Maturity: After five years, the deposit matures and can be extended for a further three years.
  7. Liquidity: The deposit can be prematurely withdrawn after one year, but with a penalty.
  8. Guaranteed returns: The government guarantees the return on the deposit, providing peace of mind to senior citizens.

Overall, SCSS is a convenient and profitable investment option for senior citizens in India, providing a regular source of income and ensuring a secure financial future.

The process to open a Senior Citizen Savings Scheme (SCSS) account is as follows:

Eligibility: To open an SCSS account, the individual must be a senior citizen aged 60 years or above. If the individual is aged between 55-60 years, they are eligible to open an account only if they have retired on superannuation.

Required Documents: To open an SCSS account, the individual must furnish the following documents:

  • Proof of age (Passport, PAN card, Voter ID, Driving License)
  • Address proof (Passport, Voter ID, Driving License, Bank Passbook)
  • Two passport-size photographs
  • PAN card

Selecting a Bank or Post Office: SCSS accounts can be opened at designated post offices and selected commercial banks. You can choose to open an account at either a post office or a bank, as per your convenience.

Filling an Application Form: The individual must fill in the SCSS account opening form and attach the required documents.

Making the Deposit: The individual must make an initial deposit of at least INR 1000 and a maximum deposit of INR 30,00,000. The deposit can be made through cash, cheque or demand draft.

Account Activation: Upon successful submission of the form and deposit, the SCSS account will be activated and a passbook or account statement will be provided to the individual.

Note: The specific process and requirements may vary from bank to bank or post office to post office, so it’s best to check with the specific institution you plan to open an account with for more detailed information.

CRED Review: Get rewards for paying your credit card bills

When I first heard about CRED, I thought its another payment platform. It’s not just a credit card Payment platform it’s more than that. CRED is a platform that encourages people to pay their credit card bills on time by giving members access to exclusive rewards from premier brands. You can also pay your rent with a credit card, avail exclusive pre-approved loan, etc.

CRED helps you pay your credit card bill from all different banks at one single point. You don’t need to run from here to there for paying your bill. You get one single window to pay your bill using UPI, Netbanking, or Debit Card. If you are running out of money you can also pay your house/office rent using a credit card.

CRED also offers Rs.200 instant reward as a sign-up bonus for new users. The reward can be used to settle your credit card dues. CRED has 9 million plus users which is a really impressive number. This shows that CRED is a popular and well-used platform.

How to earn CRED Coin Rewards:

  • When you use CRED to pay your credit card bill, you earn a CRED coin for every rupee paid.
  • You can use your CRED coins to claim exclusive rewards from different brands.

CRED Gem Rewards:

  • for every person that you refer to CRED who makes a bill payment, you earn 10 gems. Currently, each member gets Rs.750-1000 for each referral.

What do you get in CRED?

  • CRED members make their credit card payment experience easier in several ways, including access to exclusive deals not available to non-members.
  • You can now pay your bills with ease through UPI, net banking, and debit cards.
  • You can also use cred protect to reveal hidden fees on your credit card.
  • Yes, you can get real-time notifications on duplicate transactions on your credit card.
  • manage multiple credit cards on a single portal.
  • Reminders for making on-time credit card bill payments
  • Automate your credit card bill payments and save time.

As a CRED user, what benefits do you get?

Pay Rent using credit card

This is a new feature and you can pay your house/office rent using a credit card.

Access to pre-approved loans

You can also avail pre-approved loan on the CRED platform. The best part is that the interest rate on these loans is very low compared to other lending platforms.

Instant reward on sign-up

As soon as you sign up on CRED, you get Rs.200 instant reward which can be used to pay your credit card dues.

Get rewards for paying your credit card bills on time

One of the best features of CRED is that you get rewarded for paying your credit card bills on time. The rewards are given in the form of Coins which can be redeemed for various items such as vouchers, discounts, etc.

So, if you are looking for a platform to manage your credit card bills and also get rewards for paying them on time, then CRED is the best option for you.

CRED is a payment platform that rewards users for paying their credit card bills on time. Sign up for CRED and get an Rs.200 instant reward.  credit score

Earn By Paying your bills

Earn INR 200 by paying credit card bill

MHADA Lottery 2022

MHADA Lottery 2022

Here you will find out how to apply for the MHADA lottery to get cheap or affordable housing in Mumbai and the rest of Maharastra. In a city like Mumbai, it is essential for you to find a house that is within the budget and yet gives you all the facilities, amenities, and a convenient location. Sometimes, this could turn out to be pretty expensive. But there are ways you can make your dream of living in a house come true as well. The MHADA affordable housing scheme is one such thing that works wonders for people who want affordable houses at an affordable price. Apply now and give your home-hunting spree a new push with this application on MHADA.

MHADA lottery is an affordable housing scheme in Maharashtra. Here we will learn more about MHADA lottery results, Apply MHADA lottery application form and registration, eligibility criteria, documents required, MHADA lottery application dates, MHADA lottery application fees, MHADA lottery registration form, mhada lottery registration status.

Eligibility Criteria

  • Your age must be 18 plus
  • You should have a PAN Card
  • You should have a domicile certificate.

Documents Required: 

You should have KYC documents. You need to submit your Identity proof.

  • PAN Card
  • Aadhaar card
  • Canceled cheque
  • Domicile certificate
  • Driving license
  • Passport-sized photographs
  • Birth certificate

MHADA Application Process:

  • Applicants are required to make online registration on the MHADA official website. 
  • You need to create a unique username by filling in the basic information. 
  • After creating the online profile, you need to search and select the lottery under the scheme.
  • Now you need to submit the form online.
  • Once you have submitted the application form it will be reviewed by MHADA and then you need to pay the Deposit money along with the Application fees. The deposit money is refundable in case you are not selected for the house allotment.

Aadhaar Card Linking: Important Dates

Aadhaar Card Linking: Important Dates

If you are following our blog, we mentioned that linking your LIC policy with Aadhaar is now mandatory. Not only LIC, If you hold any kind of insurance policy then you must link it to your Aadhar card before 31st December 2017. Extended to 31st March 2018.

Read full details here: Linking Aadhaar with Insurance Policy

Some of our readers asked, the last date of Aadhaar linking for other services.

Here is the list of important dates for linking Aadhaar with various services.

The deadline for linking Aadhaar with PAN is 31 March 2018

Whether you file IT Return or not it’s compulsory to link your PAN Number with your aadhaar card.

Also Read: How To Link PAN Card with Aadhar

The deadline for linking SIM card/Mobile Number is 31 March 2018

This is a very crucial date because everyone has a mobile number and if you do not link your Mobile Number with your Aadhaar your mobile services may stop and will only resume when you submit your Aadhaar to your service provider. Can you imagine a day without mobile and internet?

The last date link Aadhaar with Bank Account is 31 March 2018

Another very important service. If you want to keep your bank account in a good state then you must update your aadhar with your bank. Failure to link Aadhaar with Bank may freeze your account and you would not be able to deposit or withdraw money until you submit your Aadhaar details to your Bank. To avoid the inconvenience and update it as soon as possible if you have not yet updated it.

Post Office Deposits accounts, PPF, etc Linking with Aadhar 31 March 2018

If you have Post office deposits or  PPF (Public Provident Fund), or the National Savings Certificate Scheme (NSCS) and Kisan Vikas Patra (KVP) you need to update your Aadhar with the Post office too.

Also Read: Post Office Saving Scheme

Aadhaar linking with Social Security scheme 31 Mar 2018

If you avail of pension from Govt or have opted for any social security scheme you need to update your Aadhaar before 31 Dec 2017.

Mutual fund accounts/Demat linking with Aadhar 31 Mar 2018

If you are an investor in the Share market or mutual fund you need to link Aadhaar with your Mutual fund and Demat accounts before 31st December 2017.

Also Read: How To Invest In Mutual Fund

In short, you need to update your Aadhaar number with all the services before 31st March 2018. Some sources are indicating that aadhar linking deadline time may be extended even after 31st March but don’t wait until the last minute. Get it done today.

Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Pension Plan

Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Pension Plan

Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan no.842 is a pension scheme for Senior citizens with an assured return of 8% on your purchase price. In Simple Term, Pay 15 Lakh on onetime and get Rs.10000/- per month pension. If you can save more if you need a pension once a year

Finance Minister has launched the new Pension Plan especially for senior citizens above the age of 60 years. In this scheme, you will need to invest your money once (In short this is a one-time premium pension plan). The scheme is exempt from the Goods and Services Tax (GST).


PMVVY Eligibility Conditions and Other Restrictions:

  • Minimum Entry Age: 60 years (completed)
  • Maximum Entry Age: No limit
  • Policy Term: 10 years

Minimum Pension:

  • Rs. 1,000/- per month
  • Rs. 3,000/- per quarter
  • Rs.6,000/- per half-year
  • Rs.12,000/- per year

Maximum Pension:

  • Rs. 10,000/- per month
  • Rs. 30,000/- per quarter
  • Rs. 60,000/- per half-year
  • Rs. 1,20,000/- per year

You are eligible for a loan against (PMVVY) for up to 75% of your premium after 3 years.

For yearly pension, the minimum investment is Rs 1.45 lakh and the maximum is Rs 14.45 lakh. For monthly mode, the minimum to be invested is Rs 1.5 lakh and the maximum is Rs 15 lakh

You can get pension ranging from Rs 1,000 per month (12,000 per year) and Rs 10,000 per month (1,20,000 per year) across all family members, which include his/her wife/husband and dependent children if any.

The minimum and maximum Purchase Price under different modes of pension will be as under:

Mode of PensionMin. PurchaseMax Purchase Price
YearlyRs. 1,44,578/-Rs. 14,45,783/-
Half-yearlyRs. 1,47,601/-Rs. 14,76,015/-
QuarterlyRs. 1,49,068/-Rs. 14,90,683/-
MonthlyRs. 1,50,000/-Rs. 15,00,000/-

Pradhan Mantri Vaya Vandana Yojana (PMVVY) FAQ:

Who can opt for this scheme?
Any Indian Citizen aged 60 years or above.

Is there any market risk? or 8% Interest fixed or variable?
The scheme will provide an assured return of 8 percent per annum payable monthly (equivalent to 8.30 percent per annum) for 10 years.

When will I get the pension?
You can choose monthly, quarterly, half-yearly or yearly depending on your needs. The pension will be transferred to your bank account through NEFT or Adhar Based Payment System.

What’s the last date of enrolment?
PMVVY may Close on March 31, 2020, if Govt. does not extend this deadline this year.

How to buy it?
You can buy this plan online or through your LIC Agent/Branch.

If I want to exit this scheme midway?
You can surrender this plan anytime and you will get a 98% refund on your purchase price.

What if Policyholder dies before maturity?
In this case, the nominee will get the purchase price.

What are other options for pension seekers?
You can check out Jeevan Akshay VI and New Jeevan Nidhi