Senior Citizens’ Saving Scheme (SCSS)

 

Senior Citizens’ Saving Scheme (SCSS)

  SCSS is a government-backed retirement savings program

                    Senior Citizens’ Saving Scheme 

What is the SCSS scheme?

1.       SCSS is a government-backed retirement savings program.

Who can invest in the SCSS scheme?

1. Senior citizens of India above 60 years or above
2. Those who have opted for Voluntary Retirement Scheme (VRS) & are within the age bracket of 55-60
3. Retired defence personnel above 50 years & below 60 years of age

What is the maximum & the minimum amount one can deposit under SCSS?

1. The maximum amount you can invest in the SCSS account is Rs.15 lakh or the retirement corpus whichever is less.
2. The account can be opened with a minimum amount of Rs.1000

What is the current interest rate?

1. The current interest rate applicable to SCSS is 7.4%. This interest rate is applicable from 1 Jan2021 until 31 March 2021.
2. Tax benefit under Sec 80C is available but interest is fully taxable.

Where to open an SCSS account?

1. You can open an SCSS account at an authorised bank branch or at a Post Office branch.

Why SCSS?

1. SCSS is an Indian government-sponsored investment scheme and hence safe.
2. The scheme offers a high-interest rate on the deposit.
3. The 5-year tenure of the account can be extended for another 3 years.

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