Investing in a safe and secure manner is always a priority, especially for senior citizens who have retired and are looking for a reliable source of income. The Senior Citizen Savings Scheme (SCSS) is a government-backed savings scheme designed specifically for individuals aged 60 years and above.
Introduction:
SCSS is a government-backed savings scheme offered to senior citizens above the age of 60 years offered through various public sector banks and post offices. It was launched in 2004 to provide senior citizens with a secure investment option that generates regular income.
It is a low-risk investment option that yields a fixed rate of interest, making it an attractive investment option for senior citizens.
Important considerations for SCSS:
- Eligibility Criteria for SCSS: To be eligible for SCSS, the investor must be an Indian citizen above the age of 60 years. Additionally, retired defense personnel can invest in SCSS after attaining the age of 50 years. The scheme also allows for opening joint accounts with one’s spouse.