Senior Citizen Savings Scheme: The Senior Citizen Savings Scheme (SCSS) is a highly reliable option for senior citizens looking for a stable and secure income source after retirement. It is an investment scheme run by the Government of India that ensures the safety of both capital and interest. Interest earned under this scheme is deposited directly into the investor’s bank account every three months, making it easier to cover expenses like medicines, electricity bills, or other essential expenses.
Who Can Invest?
Indian citizens aged 60 years and above can open an account under the Senior Citizen Savings Scheme. Those who have taken voluntary retirement (VRS) or superannuation between the ages of 55 and 60 are also eligible to invest under this scheme, subject to certain conditions. The account can be opened either singly or jointly with a spouse.
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How much can you invest?
The minimum investment in this scheme is ₹1,000, while the maximum investment limit is ₹30 lakh. Investors can easily open an SCSS account by visiting a post office or any bank branch.
Learn about the interest rate.
Currently, the annual interest rate on this scheme is 8.2 percent. Interest is credited every three months, meaning the investor receives a fixed income at regular intervals. If an individual invests ₹30 lakh, they will earn approximately ₹246,000 in interest annually. This interest will be credited to the investor’s account in the form of approximately ₹61,500 every three months, resulting in a regular monthly income of approximately ₹20,500.
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What is the investment period?
The SCSS has a five-year term, meaning the investor’s money remains safe for five years, and interest is paid every three months. Upon completion of the five-year term, the scheme can be extended for another three years. If the investor wishes, he can also withdraw his entire amount after maturity.
