scss questions

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Last Comment 2022-12-31

2022-07-02

Is amyone investing in senior citizen savings scheme on ur side?why did they choose it and what are benefits?
It does not compound and lock in is 15 years and interest is taxable.

"@Tanmayyy":https://www.desidime.com/users/1019410 "@decideaim":https://www.desidime.com/users/1242486 tag others also

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https://www.desidime.com/comments/permalink/8544795

DeciDeaim

2022-07-02

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Government thought of ways of robbing old people, since many are not earning and don't pay income tax. Viola there came a new scheme.

https://www.desidime.com/comments/permalink/8544798

bikidas2060

2022-07-02

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lock in 5 years bro.. 🙂🙂🙂

https://www.desidime.com/comments/permalink/8544801

DeciDeaim

2022-07-02

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If it is 15 years many won't be receiving it on maturity sweat_smile

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https://www.desidime.com/comments/permalink/8544799

dhinchakrohit

2022-07-02

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The maximum time period for SCSS is five years. Although, once maturity is attained, this duration can get extended for a time period of three years.

https://www.desidime.com/comments/permalink/8544871

SunnyKh

2022-07-02

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Rates are going up, if it has lockin for 5 years, you should wait for another quarter, if you can use it for one year to earn that same interest anywhere, you may get best rates for Next 5 years

https://www.desidime.com/comments/permalink/8552055

kukdookoo

2022-07-06

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Even if the rate is 10% it wont be the best as interest is not compounding

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https://www.desidime.com/comments/permalink/8552465

Censuresh

Moderator

2022-07-06

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A senior citizen’s priorities and his mindset are different. They don't want to make fortunes out of their hard earned money at this stage. For him peace of mind and guaranteed returns are most important. They have lived long enough and have the wisdom to manage with whatever little income they are getting. But if his principal is eroded no one is going to help him or the least he wants is to be at the mercy of others.