Senior Citizen Savings Schemes or SCSS is an excellent investment for senior citizens in India. It’s a long term option for senior citizens to enjoy a comfortable retired life. You can invest in SCSS at banks and post offices in India.
Who can invest in Senior Citizen Savings Schemes? Senior Citizens who are 60 years and above may invest in SCSS. Retirees who have opted for Voluntary Retirement Scheme or Superannuation in the age bracket of 55-60 years can invest in SCSS. Senior Citizen Savings Schemes offered interest rate of 8.7% for Q3.
You (senior citizen) can invest a maximum of Rs 15 Lakhs in SCSS. This is through individual or joint accounts. HUFs and NRIs cannot invest in Senior Citizen Savings Schemes. SCSS enjoys Section 80C tax benefits up to Rs 1.5 Lakhs a year.
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What is the procedure to invest in senior citizen savings scheme?
SEE ALSO: Benefits of SCSS
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