Senior Citizens’ Savings Scheme (SCSS)
- aakash rathod
- May 10
- 1 min read
Feature | Description |
Scheme Name | Senior Citizens’ Savings Scheme (SCSS) |
Type | Government-backed savings scheme |
Eligibility | Indian citizens aged 60 years and above (or 55+ with superannuation) |
Account Type | Individual or Joint (with spouse only) |
Minimum Investment | ₹1,000 |
Maximum Investment | ₹30 lakh (as of 2024) |
Tenure | 5 years (extendable by 3 more years) |
Interest Rate | ~8.2% per annum (subject to quarterly revision by government) |
Interest Payment | Quarterly (credited to savings account) |
Tax Benefits | Deduction under Section 80C (up to ₹1.5 lakh) |
Taxation of Interest | Fully taxable as per income tax slab |
Premature Withdrawal | Allowed with penalty (after 1 year with 1.5% deduction; 1% after 2 years) |
Risk Level | Low (backed by Government of India) |
Where to Open | Post offices and authorized banks |
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