The Senior Citizen Savings Scheme (SCSS) is a special savings initiative provided by the Indian Post Office, aimed at senior citizens. It offers an attractive interest rate and ensures the safety of the invested amount, making it an excellent alternative to fixed deposits in banks. The scheme allows senior citizens to deposit money for 5 years, with the possibility of extension, providing high returns and tax benefits.
5 Major Key Points:
- High Interest Rate: The SCSS offers an interest rate of 8.2%, which is paid quarterly, ensuring a steady income stream for senior citizens.
- Safety and Security: The scheme is backed by the government, providing a secure investment option for those over 60 years, including certain government and defense sector retirees.
- Flexible Investment Limits: The minimum investment amount is ₹1,000, while the maximum is ₹30,00,000, catering to a wide range of investment capacities.
- Tax Benefits: Investments in SCSS are eligible for tax exemption under section 80C, offering additional financial advantages.
- Potential for High Returns: A deposit of ₹15 lakh in the SCSS can grow to ₹21.15 lakh in 5 years, showcasing its potential for significant growth in savings.
