About SCSS
- For people aged 60 and above (55–60 for those who took voluntary retirement, with conditions; 50+ for retired defence personnel).
- Maximum deposit ₹30 lakh per individual. Term of 5 years, extendable by 3 years.
- Interest is paid every quarter (1 April, 1 July, 1 October and 1 January). The rate is fixed for your term at the rate on the day you invest — 8.2% p.a. at the time of writing.
- Tax: the deposit qualifies for section 80C (old regime). The interest is taxable; TDS applies if interest exceeds the yearly threshold (₹1 lakh for senior citizens from FY 2025-26). Form 15H can be submitted if your income is below the taxable limit.
Also see the Monthly Income Scheme, bank FD and SCSS interest for common amounts.