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NSS 1992 - Budget 2025 announcement

SHIRISH S S (Proprietor) (1031 Points)

02 February 2025

I have National Saving scheme 1992 . I want to close. There is some announcement regarding this for senior citizens. I want to know what she said in the speech.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182680 Points)
Replied 02 February 2025

Withdrawals from NSS accounts made on or after August 2024 will not be subject to taxes, according to the Union Budget.

“A number of senior and very senior citizens have very old National Savings Scheme accounts. As interest is no longer payable on such accounts, I propose to exempt withdrawals made from NSS by individuals on or after August 29, 2024,” she said.

Many senior citizens still have accounts in such initiatives, even though they were discontinued a long time ago.

These accounts will pay no interest beginning October 1, 2024, but seniors will be able to withdraw money without incurring penalties, giving them access to their money without any additional fees or limitations.