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Senior Citizen Savings Scheme (SCSS)

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The Senior Citizen Savings Scheme is ideal for senior citizens who want a safe haven for investment and save tax at the same time. If you are a senior citizen over the age of 60, you will want two basic things from your investment – safety and regular income. The Senior Citizen Savings Scheme (SCSS) meets these two requirements, and you get a deduction from taxable income on it too. The scheme is run by the Government of India.
The SCSS interest rate for April to June 2020 has been set at 7.4%. This is the highest interest rate among the various small savings schemes in India. SCSS is available through Public / Private sector banks and India Post Offices.
The duration of SCSS is five years, comparable to NSC and five-year bank fixed deposits. It can be extended by another three years.
You can invest a minimum of Rs. 1,000 and in multiples thereof. The maximum amount that can be invested is Rs. 15 lakh.

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