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Retirement brings with itself several complications and doubts, but there are savings products that are safe and ensure guaranteed retirement income. The Senior Citizen Savings Scheme (SCSS), launched in 2004 is a deposit scheme introduced by the government of India to provide guaranteed returns to senior citizens through a safe investment. This scheme ensures a regular income stream for senior citizens in retirement.
Frequently Asked Questions on Senior Citizens Savings Scheme
You need to be a retired Resident Indian to open an account
5 years which can be extended by 3 more years (only one time)?
Facility is available
The interest rates on this scheme will be notified by Ministry of Finance / Reserve Bank of India before April 1 of that year and is aligned with G-Sec rates of similar maturity.
The SCSS is liquid, despite the 5-year stipulated lock-in.
The liquidity is offered in the form of withdrawals subject to conditions and penalties.
Interest earned on the deposit is fully taxable and tax is deducted at source (TDS) as per applicable Income Tax Rules. However, if the income is not taxable, one has to provide form 15H or 15G so that no tax is deducted at source.
Open a savings bank account along with SCSS Account and you will need the following documents to be tendered at Branch Counter
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