Learn how the Senior Citizen Savings Scheme offers tax benefits for those aged 60 and above. Learn how to open an SCSS account and its eligibility criteria
The Senior Citizen Savings Scheme (SCSS) is designed specifically for older Indian citizens. It provides them with a dependable source of income, safety measures, and tax-saving benefits. It's an ideal investment choice for individuals aged 60 and above who are looking to secure their financial future.
In this article, we will look at the workings of the SCSS scheme, understand it in detail, and learn how to open an SCSS account.
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The SCSS is a government-supported retirement program aimed at providing benefits to seniors. It is a savings scheme for senior citizens residing in India. The scheme allows them to invest an amount in it, either individually or jointly, and receive regular income along with tax advantages. Seniors can open an account at a Post Office branch or an authorised bank to avail themselves of the SCSS benefits. In Budget 2023, the maximum deposit limit for the Senior Citizen Saving Scheme has been increased from Rs15 lakhs to Rs30 lakhs.
Here's a guide on how to open an SCSS account with an authorised bank: