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Senior Citizen Savings Scheme is a savings scheme run by the Government of India for the elderly. Its account can be opened in the office or bank. In the Union Budget presented in February 2023, the government has increased the maximum limit of deposit in the Senior Citizen Savings Scheme from Rs 15 lakh to Rs 30 lakh. And its interest rate has also been increased from 7.6% to 8.0%.

scss features

 * Talking about the features and benefits of Senior Citizen Savings Scheme (SCSS), first of all, its specialty is that this scheme gives you a regular income which comes to your bank account every three months.
 * The next special thing is that its interest rate rate is quite good. Where we get an interest rate of 4 or 5 on fixed deposits or 2 to 3 percent in savings, which happens once a year.
 * By the way, the lock-in period of the amount invested in SCSS is 5 years, after which you can withdraw your deposited amount on maturity. But if you want to keep an account even after 5 years, you can extend the tenure for another three years.
 * If you invest its minimum and maximum, you can invest a minimum of Rs 1000 in it. And the maximum investment you can invest is Rs 15 lakh per person.
 * Talking about tax benefits, you get very good tax benefits in it. If you want, you can save tax up to Rs 1,50,000 annually. But if you have earned a profit of more than Rs 50,000 in a year, then you will have to pay 10 percent TDS.

scss eligibility

 * The applicant must be an Indian citizen.
 * The applicant must be 60 years old.
 * But if you are an elderly indian army, then you can take advantage of this scheme within the age of 50 to 60 years.