Glossary term
SCSS
Government scheme for those above 60 — currently 8.2%, quarterly interest payouts, 5-year tenure.
The Senior Citizen Savings Scheme (SCSS) is a government-backed instrument for Indian residents above 60 years (or 55+ retired). Current rate: 8.2% per annum, paid quarterly. Maximum deposit: ₹30 lakh per individual; tenure 5 years, extendable by 3.
Interest is fully taxable. SCSS is typically the highest-yielding risk-free instrument available to Indian seniors, making it a standard piece of post-retirement income.
See also