Senior Citizen Saving Scheme (SCSS) – Having enough money in old age after retirement is very important for every citizen. Therefore, it is considered the right decision for senior citizens to invest their retirement money for financial stability in the future. One of the great schemes of the Government of India is the Senior Citizen Saving Scheme (SCSS). Investors in this scheme will get the benefits of tax exemption under section 80c of the income tax act. If you deposit money in this SCSS scheme, you will get a guaranteed return of 8.2% per annum from here.
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Senior Citizen Saving Scheme (SCSS) Overview
| Scheme Name | Senior Citizen Saving Scheme (SCSS) |
| Scheme Plan | Retirement Savings Plan |
| Minimum & Maximum Deposit Amount | Minimum 1000/- & Maximum 30 Lac Per Year |
| Rate Of Interest | 8.2% |
| Maturity | 5 Years |
| Benefits | 80C Tax Exemption up to 1.5 lakh |
If you want to open an account in Senior Citizen Savings Scheme, you can open a Senior Citizen Savings Account by paying Rs.1000 in any government-approved bank and post office. Until now the maximum deposit under SCSS was up to Rs 15 lakh, but in Budget 2023 the maximum limit of the scheme has been raised to Rs 30 lakh.
Investment up to Rs 1.50 lakh under 80C of the income tax act in the Senior Citizen Saving Scheme comes under tax exemption. The maturity period of this scheme is five years. You can later extend the investment of this SCSS for another three years if you wish. In this scheme, you will get an interest of Rs.2050/- per quarter on an investment of Rs.1,00,000.
That is, if you deposit 1 lakh rupees in this scheme for five years, you will get a total return of 41,000/- rupees. Similarly, if you invest 10 lakhs in this scheme, you will get a return of 40,9999/- i.e. a total of 14,09,999/- after five years.
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