It allows a retired person having a lump sum to invest it at a reasonably good interest rate. If you are 60 years old (or took voluntary retirement at 55), you are eligible for the scheme.
Minimum Investment under the scheme is Rs. 1,000 and maximum Rs. 15 lakhs.
The amount invested into SCSS is eligible for tax deduction under Section 80C thus reducing your taxable income in the year of investment.
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This is a popular investment with senior citizens as it offers liquidity as well as periodic income – interest is paid out quarterly.
Summary of SCSS Details
| Return (p.a.) | 9% | |||
| Risk | NIL | |||
| Lock In | 5 years (May be extended for another 3 years at the option of depositor) | |||
| Income from Investment | Fully taxable | |||
| Maturity Proceeds | Maturity proceeds includes interest which is already taxed every year | |||
| NRI/PIO eligible | No | |||
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