SCSS
pronounced: [S-C-S-S]
SCSS stands for Senior Citizens Savings Scheme.
It is a government-backed savings scheme for Indian residents aged 60 years and above, with a current interest rate of 8.2% per annum paid quarterly and a 5-year tenure extendable by 3 more years. The maximum investment is ₹30 lakhs per individual, either in single or joint mode with a spouse. SCSS qualifies for Section 80C deduction up to ₹1.5 lakhs, and the interest is fully taxable, with TDS at 10% applicable if annual interest exceeds ₹50,000.
Key Facts
| Fact | Value |
|---|---|
| Interest Rate | 8.2% p.a. |
| Tenure | 60 years |
| Maximum Limit | ₹1.5 lakh |
| Interest Compounding | Quarterly |
| Tax Section | SECTION 80C |
Example
Under Section 80C, you can claim up to ₹1.5 lakh/year for PPF, ELSS, life insurance premiums, EPF, home loan principal, NSC, and tuition fees. Combined with 80D health insurance (up to ₹1 lakh for family), a taxpayer can save up to ₹62,400/year in taxes at 30% bracket.
Frequently Asked Questions
Last updated: 2 June 2026