Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
Senior Citizens Savings Scheme is a government-backed deposit for individuals aged 60+, offering quarterly interest and Section 80C benefit.
SCSS is a safe savings plan for seniors with extra interest paid every quarter — up to ₹30 lakh can be invested.
5-year tenure extendable once by 3 years. Interest rate reset quarterly. Maximum investment ₹30 lakh per senior. Premature closure allowed with penalty except death. 80C deduction on deposit within overall ₹1.5 lakh cap.
Senior invests ₹15 lakh in SCSS at 8.2% — receives ₹30,750 quarterly interest (₹1.23 lakh yearly) for regular expenses while preserving principal.
Individuals 60+; 55+ early retirees under VRS; retired defence personnel 50+. Joint account with spouse allowed.
SCSS often offers higher rate and quarterly payout with sovereign backing. Compare with senior citizen FD rates and liquidity needs.
Yes, interest fully taxable at slab. TDS if interest exceeds ₹50,000 in a year for seniors.