Post Office Senior Citizen Savings Scheme (SCSS)

Ram (Engineer) (98 Points)

01 January 2023  

My Senior Citizen Savings Scheme (SCSS) deposit (Rs. 1.5 lacs) with the Post Office, which is opened 5 years ago, is maturing on 5 Jan 2023. 
I have an option to:


(1) renew this deposit for another 3 years

or 

(2) close the deposit and get the amount credited to my post office savings account.

As the SCSS deposit is eligible for 80C deduction, can I avail of the deduction on the renewed deposit, for the current AY 2022-23, because this is tantamount to opening a fresh deposit for the AY 2022-23?

What about if I choose the second option and open a fresh new deposit with the maturity amount (of Rs. 1.5 lacs)?

Appreciate experts’ guidance.