Senior Citizen Savings Scheme (SCSS) is a government-sponsored savings instrument launched in 2004, intending to provide senior citizens with a steady and secure source of income for their post-retirement life.
According to ClearTax, It can either be opened in a post office branch or an authorized bank. It offers an interest rate of 8.2% for the current quarter. This scheme supports a maximum deposit of Rs.30 lakhs, with a tenure of 5 years which can be further extended to 3 years. Deductions under section 80C of Income Tax Act is allowed for this scheme. However, interest on deposits are fully taxable.
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