Senior Citizen Savings Scheme
The Senior Citizen Savings Scheme (SCSS) is designed to provide financial security for senior citizens after retirement. This government-backed scheme aims to help individuals maintain a stable income during their old age.
Eligibility Criteria
To benefit from the Senior Citizen Savings Scheme, you must meet the following criteria:
- Age Requirement: You should be over 60 years old.
- Retired Employees: Individuals aged 55 to 60 can also participate if they invest within one month of receiving their retirement benefits.
- Defence Personnel: Those retired from defence service and aged 50 to 60 can open accounts under this scheme.
- Account Options: You can open either a single account or a joint account with your spouse.
Interest Rate
- The current interest rate for the Senior Citizen Savings Scheme is 8.2%, which is one of the highest offered by the government for savings schemes.
- Interest is compounded quarterly and is payable at the end of each quarter.
Investment Details
- Minimum Investment: You can start investing with a minimum amount of ₹1,000.
- Maximum Investment: The maximum limit for investment is ₹30 lakh. Any amount exceeding this limit will be returned.
Account Extension
- After the maturity of the scheme, you have the option to extend your account for an additional period. You can apply for this extension within one year of maturity at the prevailing interest rate.
This scheme provides a secure avenue for senior citizens to invest their savings and ensure a steady income stream, thereby easing financial worries during their retirement years.
