Earlier in the scss account one could invest only 15 lakhs, but now the limit for investment has been raised to 30 lakhs , then can a person who invested 15 lakhs some years back can such a person now invest in scss account another 15 lakhs from his savings account.

Ans: No

Ans: No you cannot convert to 8 % however you can add further 15 Lakh

Ans: Yes you can, provided there is not exit clause or penalities in closing the SCSS at SBI.

Ans: Understanding the New SCSS Premature Withdrawal Penalty
That's a great question! Let's break down the recent changes to the Senior Citizen Savings Scheme (SCSS) and how they impact your situation.

1. Penalty on Premature Withdrawal After One Year:

If you withdraw your money from the SCSS after one year but before completing two years, a penalty of 1.5% will be deducted from the principal amount you deposited. This means you'll receive your deposit minus 1.5% as a penalty.

2. Applicability of New Changes:

The good news is that the new SCSS rules apply only to accounts opened on or after November 7, 2023. So, if you deposited your money before that date, the old withdrawal rules will still apply to your account.

Here's a quick summary:

Deposits before Nov 7, 2023: Old rules apply (interest reversal for withdrawal before 1 year)
Deposits on or after Nov 7, 2023: New rules apply (1.5% penalty for withdrawal after 1 year but before 2 years)
Remember: These are just the penalty details. It's always wise to consider the potential loss of interest you might incur by withdrawing your money prematurely.

I hope this clarifies the new SCSS rules!

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: SCSS (Senior Citizens Savings Scheme): The maximum investment limit has indeed been increased to

?30 lakhs per individual.  


MIS (Monthly Income Scheme): The maximum investment limit is:
?9 lakhs for a single account holder.  
?15 lakhs for a joint account (held by a husband and wife).

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in