Senior Citizen Saving Schemes
Senior Citizen Saving Schemes(SCSS) is a savings scheme for senior citizens in India that is backed by the government. It is designed to provide financial security and regular income to senior citizens. The scheme offers an interest payable quarterly, and has a tenure of 5 years, which can be extended by an additional 3 years. The minimum investment amount is Rs. 1,000, and the maximum investment amount is Rs. 30 lakhs. Individuals who are 60 years or older are eligible to invest in the scheme. The interest earned on the investment is taxable.