InvestorQ : What are the features of the Senior Citizens Savings Scheme?
swati Bakhda made post

What are the features of the Senior Citizens Savings Scheme?

Answer
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Ria Jain answered.
2 years ago


The Senior Citizens Savings Scheme (SCSS), as the name suggests is restricted to senior citizens above the age of 55. Such SCSS accounts can be opened either at a scheduled bank or even at the nearest post office. However, this deposit under the SCSS can only be made out of your retirement benefits and that too subject to a maximum limit of Rs.15 lakhs under all heads. To be eligible to invest in SCSS, you must either be 60 years old and this age limit gets lowered to 55 in case you have opted for superannuation. The second condition for SCSS is that there can be only 1 deposit into this account. Withdrawals are permitted from the account after completion of 1 year but with a penalty clause. The SCSS deposit currently attracts an interest rate of 8.73% as per the new direction https://www.ndtv.com/business/senior-citizen-savings-scheme-scss-investment-return-interest-rate-lock-in-period-income-tax-1919661.