SCSS Full Form
What is the full form of SCSS?
The word SSCS denotes Senior Citizen Savings Scheme, this is a government-sponsored scheme that gives benefits to the age of 60 or above. This scheme was introduced by the government in 2004 for public benefit. Senior citizens are benefited from this scheme. One can open the SCSS account, for it, the customer has to visit any post office or bank branch and fill up the related form. The same form must be attached with KYC(Know Your Customer) documents, age proof, identification proof, Address proof, and a cheque for the deposit amount. This is one of the important schemes launched to provide a secure source of income to the Senior citizen of our country for their post-retirement phase.
This is India’s most beneficial scheme, offering comparatively good returns to its subscribers. One more benefit of this scheme has the government’s back; therefore, the risk of capital loss is negligible. This is one of the post-saving and a great scheme. Senior citizens who reside in India can avail the advantages of the account by investing a lump sum amount in the scheme, either individually or jointly. The account provides access to regular income post-retirement along with income tax benefits.
Benefits of investing in Senior Citizen Savings Scheme
There are top reasons why Senior Citizen Savings Scheme is the most preferred investment option for senior citizens:
Guarantee of Returns: SCSS is a government-supported small savings scheme, this is one of the most reliable investment options for senior citizens in India.
Good Return Rate: This scheme offers good interest at the rate of 7.6% per annum, this is among the most advantageous investment options, compared to the other traditional ways of saving such as Fixed deposits (FD) and Accounts.
Taxation Benefits- This scheme gives the benefits under section 80C of the Income Tax Act, this scheme is eligible for a tax deduction of up to Rs. 1.5 Lakh per annum.
Eligibility criteria for SCSS
The criteria for eligibility to invest in the Post Office Senior Citizen Savings Scheme are as follows:
Must be an Indian citizen above the age of 60 years.
Should be retired at the age of 55-60 years and have opted for a Voluntary Retirement Scheme (VRS) or Superannuation.
The features of the Senior Citizens Savings Scheme are as follows:
Maturity Period of the scheme: The maturity period for this scheme is 5 years. If individuals require so they can extend the maturity duration for 3 years after applying the given format within one year of the maturity of the account.
The number of accounts: Individuals are eligible to operate one or more than one accounts by themselves or by opening a joint account with their spouse.
Minimum and maximum amount limit: A single deposit is only allowed to be made in the account. It could be in multiples of Rs.1,000 and the maximum amount limit that can be deposited is Rs.15 lakh.