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Utilise enhanced SCSS limit, but diversify your retirement corpus

Money should also be invested in instruments that offer growth, longer lock-in, and liquidity

Retirement planning: Start early and save corpus for a 90-plus lifespan

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Senior citizens should avoid putting their entire retirement corpus in SCSS

4 min read Last Updated : May 29 2023 | 8:34 PM IST

The Senior Citizens Savings Scheme (SCSS) garnered more than Rs 10,000 crore in April 2023. Two factors account for its rising popularity -- this year’s Budget hiked the investment limit in this product from Rs 15 lakh to Rs 30 lakh and the government also raised the interest rate on SCSS from 8 per cent to 8.2 per cent for the April-June quarter.

Tailor-made for senior citizens

SCSS is a simple and safe product. “Being government-backed, it is risk-free,” says Arvind A Rao, certified financial planner and founder, Arvind Rao and Associates. The interest rate of 8.2 per cent is

Topics : Retirement finance Your money Guide to Personal Finance Personal Finance

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