The Senior Citizen Savings Scheme (SCSS) is a government-backed retirement benefits program that allows senior citizens to invest a lump sum and receive regular income along with tax benefits. The scheme is administered by the National Savings Institute (NSI), a department of the Ministry of Finance, Government of India.
To be eligible to open an SCSS account, you must be a resident of India and at least 60 years old. The minimum deposit amount is ₹1,000, and the maximum deposit amount is ₹15 lakh. The interest rate on SCSS accounts is currently 8.20% per annum, and it is paid quarterly.
SCSS accounts can be opened at any authorized post office or bank in India. The account is transferable across India, and it can be extended for another three years after the initial five-year term.