Senior Citizens Savings Scheme Investment Guide for Quarterly Income

Planning for retirement income is easier with Senior Citizens Savings Scheme (SCSS). This government-backed scheme pays 8.2% interest each year, sent to you every quarter. To get about ₹25,000 every three months, you need to invest ₹12.20 lakh.

Interest payments arrive on the first working day of April, July, October, and January. Deposits must be in multiples of ₹1,000. Investing ₹12.20 lakh gives you a total of ₹25,010 every quarter. Note that this interest is taxable and does not add to your original investment.

Scheme Details

• Tenure: 5 years, which you can extend by 3 years.
• Investment Limits: Minimum ₹1,000, and a maximum of ₹30 lakh.
• Who can apply: People aged 60 or older. Some rules are relaxed for retirees aged 55-60 and defence staff aged 50-60.

The interest rate stays the same for your five-year term once you open the account. However, the government can change rates for new deposits later. Check your personal tax status before you invest. If you want more information, the government also has the National Award for Senior Citizens to honor work in different areas.