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 small savings schemes to promote the welfare of senior citizens.
What Is the Senior Citizens Welfare Fund?
Established through Notification G.S.R. 322(E) dated March 18, 2016, the SCWF collects unclaimed money from accounts such as:
- Post Office Savings
- Public Provident Fund (PPF)
- Employees' Provident Fund (EPF)
- Insurance and other small savings instruments
The funds are then used to finance welfare initiatives for senior citizens, especially those in need of financial support.
Key Highlights
- Interest Rate: 3.35% per annum
- Period Applicable: April 1, 2024 - March 31, 2025
- Beneficiaries: Senior citizens via welfare programs funded by the SCWF
This move is a part of the government's ongoing efforts to ensure that unused financial resources are deployed toward enhancing the quality of life for India's elderly population.
Official copy of the notification is as follows
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