Senior Citizen Savings Scheme: Eligibility, benefits and interest rate of government-backed SCSS

The Senior Citizen Savings Scheme (SCSS), which is available to seniors 60 and older, allows them to save money. The programme is supported by the government and provides a greater interest rate than most other savings programmes.

The SCSS will provide access to regular income after retirement in addition to tax benefits. Currently, the plan offers an interest rate of 8.2%. In the Union Budget for 2023–24, Finance Minister Nirmala Sitharaman announced to increase in the Senior Citizen Savings Scheme investment limit from Rs. 15 lahk to Rs. 30 lakh. (FY24).

The SCSS is considered to be a safe and secure investment option for senior citizens in India. It provides a regular income stream and helps them meet their financial needs during their retirement years.

The highest deposit allowed by the scheme is Rs 30 lakh, with a minimum deposit of Rs 1000.

During the Union Budget of 2023, a proposal to increase the SCSS ceiling from Rs 15 lakh to Rs 30 lakh was made.

Benefits of SCSS are:

• Tax benefits 
• Safe to invest 
• Early withdrawal is allowed.
• The account can be transferred across the country
• High-interest rates