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The post office Senior Citizen Savings scheme is highly beneficial to senior citizens. It offers a regular stream of income with the highest security and benefits on tax saving. It is a good place to invest for those above 60 years of age.
Some of the benefits are as follows:
- SCSS is an investment scheme sponsored by the Indian government and is considered safe and reliable.
- The SCSS account can be opened at any official bank or post office in India.
- The scheme offers a high rate of interest.
- The duration of the SCSS account is five years and it can be extended upto another 3 years.
- The account can be moved anywhere across the country
- Income tax deduction can be availed for this scheme of up to Rs.1.5 lakh under Section 80C of the Indian Tax Act 1961,
- If the interest is more than Rs.10,000 p.a., the tax will be deducted at source.