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Should I continue the SCSS account up to maturity after the expiry of husband (first joint holder)? The second joint holder (spouse) is also a senior citizen (about 70 years old). - Anonymous
The Senior Citizen Savings Scheme (SCSS) account must be closed if an account holder has passed away. The deposited amount, along with applicable interest, will be paid to the nominee or the legal heir.
But since you are a joint holder, you have the option to continue the SCSS account, provided you are a senior citizen.
What you should do
- If you are looking for a reliable source of regular income, SCSS is a safe government-backed scheme with guaranteed payouts every quarter.
- If you don't need regular income, consider investing in aggressive hybrid funds. They can help you grow your wealth or leave a legacy for your loved ones. However, spread your investment over 18-24 months via SIP, instead of investing all the money at once.
Explore our Analysts' Choice section, where our expert researchers have carefully curated a selection of mutual funds for you.
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