What is Senior Citizens Savings Scheme?
SCSS
SCSS is a government savings scheme for individuals aged 60 and above (55+ for retired defence personnel, 50+ for VRS/superannuation retirees), offering quarterly interest payouts over a 5-year tenure, extendable once by 3 years.
Unlike PPF or NSC, SCSS interest is simple (not compounded) and paid out every quarter rather than reinvested — making it a popular option for retirees who need a predictable income stream. The maximum investment limit is ₹30 lakh per individual.
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