(THE GIST OF PIB) Senior Citizen Savings Scheme (SCSS)

(February-2023)

Senior Citizen Savings Scheme (SCSS)

The main aim of the SCSS is to provide senior citizens in India a regular income after they attain the age of 60 years old. The scheme offers eligible individuals the opportunity to make a lump sum deposit with a minimum of Rs. 1,000 and a maximum of Rs. 15 Lakh or the amount received on retirement, whichever is lower.

Eligibility:

• Indian citizens above the age of 60 years
• Retirees in the age bracket of 55-60 years who have opted for Voluntary Retirement Scheme (VRS) or Superannuation
• Retired defence personnel above 50 years and below 60 years of age

Deposit Limits:

• Minimum Deposit – Rs. 1,000 (and in multiples there of)
• Maximum Deposit – Rs. 15 Lakh or the amount received on retirement, whichever is lower (Increased to Rs 30 lakh in Budget 2023)
• Individuals are allowed to operate more than one account by themselves or open a joint account with their spouse.

Maturity & Interest Payment:

• Maturity period of five years
• Depositor can extend the maturity period for another three years
• Interest amount paid to the account holders quarterly

Other Details:

• Premature withdrawal is allowed after one year of opening the account.
• Deposits in SCSS qualify for deduction u/s 80-C of Income Tax Act.

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Courtesy: PIB