Savings of Senior citizens

A Senior Citizens’ Saving Scheme (SCSS) is a government-backed retirement benefits programme. Senior citizens resident in India can invest a lump sum in the scheme, individually or jointly, and get access to regular income along with tax benefits.

It is a Post Office savings scheme. Senior citizens can open an SCSS account to get the benefits of the SCSS. They can open an account in a Post Office branch or an authorised bank.
Secure investment
SCSS is a government-backed scheme. Hence, the invested amount is secure and there is guarantee of returns upon its maturity.

Interest payment
Individuals who open an SCSS account get an interest on the principal deposited amount at the rate fixed by the government. They will receive a quarterly interest against their deposited amount. Interest payment will be credited to an individual’s account on the first date of April, July, October, and January.