Investment

SCSS

Also known as: Senior Citizen Savings Scheme, SCSS Post Office

Senior Citizen Savings Scheme - Specialized post office product for retirees with quarterly income.

Detailed Explanation

Senior Citizen Savings Scheme (SCSS) is exclusively for citizens aged 60+ offering 8.2% annual interest paid quarterly. Maximum investment ₹30 lakh with 5-year tenure (extendable by 3 years). Interest up to ₹50,000 qualifies for Section 80TTB deduction. Ideal for retirement income planning.

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Related Terms

Post Office Schemes

Government-backed savings and investment products offered through India Post with guaranteed returns.

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Section 80TTB

Tax deduction up to ₹50,000 on interest income available exclusively for senior citizens.

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