Senior Citizen Savings Scheme
The Senior Citizen Savings Scheme (SCSS) is a government-backed savings scheme specifically designed for senior citizens in India. It offers a safe and reliable investment option with regular income and attractive returns, making it an ideal choice for retirees seeking financial security.
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Features
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01
Attractive Interest Rate: Offers a higher interest rate compared to regular savings accounts and fixed deposits, reviewed quarterly by the government.
02
Tax Benefits: Investments are eligible for tax deduction under Section 80C, up to ₹1.5 lakh per financial year.
03
Nomination Facility: Account holders can nominate one or more persons to receive the benefits in case of the account holder’s demise.
04
Account Transfer: SCSS accounts can be transferred between post offices or banks across India, providing flexibility.
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Types of Senior Citizen Savings Scheme
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Individual Account:
Opened in the name of a single senior citizen.
The account holder receives all the benefits directly.
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Joint Account:
Opened jointly with the spouse (spouse can be any age).
The first depositor is the primary account holder, and the spouse is the secondary holder.
Only the primary holder's name is considered for eligibility and benefits.