Senior Citizen Savings Schemes

  • Senior Citizens Saving Scheme, 2004 is a scheme of Department of Economic Affairs, Ministry of Finance and is operated through post offices and designated branches of banks.

The upper limit of investment under the Senior Citizen Savings Scheme, 2004 (SCSS) is:

  • (i) rupees 15 lakh for those having attained the age of 60 years,

  • (ii) the total amount of retirement benefits for those not having attained the age of 60 but retired on superannuation or otherwise as per the rules of the schemes.

  • The deposits made in the scheme are exempted from income tax under section 80C of Income Tax Act, 1961.

  • However, the interest earned on the deposit is not exempted from income tax. Provisions of Tax Deduction at Source (TDS) are applicable to the Scheme.

Source:PIB

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