Senior Citizens Saving Scheme

The Senior Citizens’ Saving Scheme is a retirement benefit program by the Government of India. Individuals over 60 years can opt for the SCSS scheme by investing by making an individual or joint investment. In addition, this scheme provides tax benefits. In SCSS, the installment amount ranges between ₹1,000 and ₹15 lakhs. This amount is constricted to the retirement benefits. One must deposit it in the Senior Citizen Scheme account within a month from receiving retirement benefits from his/her employer. Moreover, if individual deposits more than the given amount, the additional funds get refunded to the account holder. One can extend the scheme for 3 more years from its date of maturity. The Interest Rate is 7.40% per annum (Q2 FY 2022-23). The Tenure is 5 years (with an option to extend it for 3 more years). The Minimum Investment Amount is ₹1,000. The Maximum Investment Amount ₹15,00,000 or the amount received on retirement, whichever is lower.