DelhiDesk 1) TDS on SCSS interest if the interest accrued in the SCSS account surpasses the threshold limit of 50,000 in a financial year; 2) Fixed interest rate, individuals who created the account earlier at a lesser rate are at a disadvantage; 3) No interest on unclaimed interest income; 4) Limited age bracket, only seniors above 60 years old are eligible to open an SCSS account; 5) Fixed tenure, investments made in SCSS have a lock-in period of 5 years, and premature withdrawals will attract penalties.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 TDS on SCSS interest if interest exceeds 50,000 in a financial year
👉 Fixed interest rate disadvantages for those who opened account earlier at lower interest rate
👉 No interest on unclaimed interest income each quarter
👉 Limited age bracket of 60 years and above
👉 Fixed tenure of 5 years with penalties for premature withdrawals
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