All About Senior Citizen Saving Scheme (SCSS)

Senior Citizen Saving Scheme (SCSS)

Senior Citizen Saving Scheme (SCSS) is aimed to provide a regular income for senior citizens aged above 60 years available at a certified bank and post offices across India.

This scheme is applicable to 3 categories of investors

1. Senior citizens who are of age 60 years or above
2. Retirees being in the age bracket of 55- 60 years opted for Voluntary Retirement Scheme (VRS) or Superannuation and invested the retirement benefits in SCSS received within a month
3. Retired defense personnel aged 50 years or above

Few other pointers are listed below:

1. Interest Rate is 8.7%
2. Tenure being 5 years
3. Minimum Investment required is Rs 1000
4. Maximum Investment allowed is Rs 15 lakh
5. The principal

amount invested is allowed as a tax deduction

6. Interest earned is also tax-exempt