Guide To Senior Citizen Savings Scheme

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The Senior Citizen Savings Scheme (SCSS) is an Indian government-backed deposit scheme tailored for elderly citizens

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The SCSS is a safe and reliable investment choice for senior citizens, offering guaranteed returns

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Anyone aged 60 or older can open an SCSS account. Those aged 55 to 59 and retired under superannuation, VRS, or special VRS are also eligible

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Retired personnel from the defence services (excluding civilian employees) can open an account at age 50, provided they meet other specified conditions

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Depositors can open accounts individually or jointly with a spouse, where the deposit amount is solely attributed to the first account holder in a joint account

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Senior citizens can open an SCSS account at a bank or post office with a minimum deposit of Rs. 1000 in multiples thereof, up to a maximum of Rs. 30 lakh

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Deposits in the SCSS qualify for up to Rs. 1.5 lakh tax deduction under section 80C of the Income Tax Act

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As of September 30, 2024, the SCSS offers an annual interest rate of 8.2%, paid quarterly

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The account can be closed after 5 years from opening. Depositors may extend it for an additional 3 years

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