Senior Citizen Savings Scheme How to Get Benefit -

Senior Citizen Savings Scheme: Any person of age 60 years or above can open SCSS account in the post office.

1000 to maximum 15,00,000 can be deposited in this account. The maturity period of this scheme is 5 years

The interest rate of SCSS is 7.4% per annum. This is higher than the interest rate of FDs of most banks.

If you deposit Rs 15 lakh in this account, then at an interest rate of 7.4 per cent per annum, you will get Rs 1,11,000 as interest in a year. This amount will be Rs 27,750 every quarter.

Deposits made under this scheme are eligible for tax deduction under section 80C of the Income Tax Act, 1961. SCSS is taxed on interest amount exceeding Rs 50,000 in any one financial year.

SCSS account matures after 5 years of opening. Your money will be returned to you. But, if you want to continue it, then you can continue it for the next three years from the date of maturity.

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