Quick Summary
The Ministry of Finance (Department of Economic Affairs) has announced that deposits made under the Senior Citizens Welfare Fund (SCWF) will earn 3.35% interest for the financial year 2024-25. The interest rate will apply retrospectively from April 1, 2024, to March 31, 2025. The notification, issued via F. No. 13/20/2014-NS, supersedes earlier terms and confirms that the rate remains unchanged from the previous financial year. The SCWF was established to use unclaimed deposits from various sma
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FAQ :
Deposits in the Senior Citizens Welfare Fund will earn an interest rate of 3.35% per annum for the financial year 2024-25.
The interest rate of 3.35% is applicable retrospectively from April 1, 2024, to March 31, 2025.
No, the interest rate of 3.35% remains unchanged from the previous financial year.
The Senior Citizens Welfare Fund was established to collect unclaimed deposits from various small savings schemes and use these funds to promote the welfare of senior citizens.
The fund collects unclaimed money from accounts such as Post Office Savings, Public Provident Fund (PPF), Employees' Provident Fund (EPF), Insurance, and other small savings instruments.
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