SCSS Explained: 8.2% Interest, Tax Savings, And Guaranteed Income For Senior Citizens
Senior citizens often look for safe and steady income options. At a time when fixed deposit rates are fluctuating and many investment options offer lower returns, one scheme stands strong – the Senior Citizen Savings Scheme (SCSS).
SCSS not only provides safety but also offers a regular income to retirees. It gives an impressive 8.2 per cent per annum interest. Senior citizens can also get a tax benefit under Section 80C up to Rs 1.5 lakh.
What is SCSS?
The Senior Citizen Savings Scheme is a government-backed savings plan designed specifically for people aged 60 years and above. The scheme is available at post offices and authorised banks. The interest rate is paid every quarter.
The minimum amount you need to deposit is Rs 1,000, and the maximum is Rs 30 lakh. When the total amount is less than Rs 1 lakh, an individual may deposit the money in cash. When the deposit exceeds Rs 1 lakh, the person should pay using a cheque.
Repayment Tenure
The repayment tenure for SCSS is 5 years. But if you want to close it prematurely, you can do so by filling Form 2. But you cannot withdraw multiple times; only one-time full withdrawal is allowed.
If you want to close the account before 1 year, then you will have to return all the interest you earned. And if you close the account after 1 year but before two years, then a penalty of 1.5 per cent will be imposed on your deposit amount. If you are willing to close the account after 2 years, then a penalty of 1 per cent will be deducted from your deposit.
How to open SCSS account?
Go to any post office or authorised bank branch.
Fill Form A, which is the SCSS account opening form.
Enter personal details such as name, date of birth, address, deposit amount and nominee details.
Submit the required documents such as Aadhaar Card, PAN card, passport, passport size photo and retirement proof.
Deposit the amount in cash if the amount is less than Rs 1 lakh or by cheque or demand draft for above Rs 1 lakh.
Once the verification is done, the account will be opened.
You will get a passbook or account confirmation.
You can also open a joint account with your spouse but the primary account holder must be a senior citizen.
view comments
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
27 minutes ago
- Time of India
Troubles deepen at TCS; Honasa's beauty-tech plan
Troubles deepen at TCS; Honasa's beauty-tech plan Want this newsletter delivered to your inbox? Also in the letter: CS to freeze senior hiring, pause annual salary hikes Details: Onboarding of senior hires has been delayed by over 65 days. At the same time, the company has started phasing out hundreds of bench employees across multiple cities as part of a tighter utilisation push. More to come: Also Read: Past tense: Quote, unquote: Also Read: TCS layoffs draw government attention What's next: Union heat: Also Read: Honasa looks beyond beauty and skincare to new growth categories Driving the news: Growth channels: The numbers: Also Read: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Go Digit's first quarter profit climbs 37% to Rs 138 crore Details: Net profit of Rs 138.3 crore compared with Rs 101.3 crore a year earlier. of Rs 138.3 crore compared with Rs 101.3 crore a year earlier. Total income rose 4% to Rs 2,179.4 crore. rose 4% to Rs 2,179.4 crore. Expenses increased 3% to Rs 2,058.5 crore. increased 3% to Rs 2,058.5 crore. Gross written premium , i.e. the total premium collected before accounting for expenses, up 12% year-on-year (YoY) to Rs 2,981.8 crore. , i.e. the total premium collected before accounting for expenses, up 12% year-on-year (YoY) to Rs 2,981.8 crore. Net premium earned at Rs 1,865 crore. Agritech startup DeHaat posts profit in Q1, says founder Revenue in FY25 was at Rs 3,000 crore, up 11% year-on-year CEO Shashank Kumar said DeHaat's annual revenue run rate was at Rs 4,000 crore. He did not provide the profit and revenue figures for the first quarter. Keeping Count Other Top Stories By Our Reporters Wipro plans to open PCB unit facility: Navi Technologies raises Rs 170 crore via debt round: Mobile testing platform Drizz raises $2.7 million: Global Picks We Are Reading Happy Tuesday! After announcing over 12,000 layoffs, TCS now plans to pause senior hiring and annual appraisals. This and more in today's ETtech Morning Dispatch.■ Go Digit's Q1 report■ Wipro's PCB unit facility■ Navi debt raiseK Krithivasan, CEO, TCSDays after announcing plans to lay off 12,000 employees —roughly 2% of its global headcount—Tata Consultancy Services (TCS) is hitting pause on senior-level hiring and freezing annual salary hikes worldwide, according to people familiar with the slowdown is already say TCS's move could trigger a broader industry reset , with other IT majors likely to mirror the cost-control playbook, as they grapple with soft demand and margin far, no peer has announced layoffs at this scale, but the slowdown is real. TCS added just 5,000 employees in Q1 FY26, while rivals like Infosys have eased off 2017, Infosys, Wipro, and Cognizant collectively laid off thousands of employees due to automation concerns and stricter US visas. Later, between 2020 and 2022, companies carried out silent layoffs by extending bench periods and reducing new firm Jefferies said this may be a 'canary in the coal mine' moment for IT services. 'TCS's move to cut 2% of its workforce may lead to execution slippages in the near term and higher attrition in the longer run for the firm and reflects a weak demand environment for the sector,' the report IT Ministry is closely monitoring TCS's decision to cut 12,261 jobs – roughly 2% of its global workforce – as alarm grows over job losses at India's largest tech firm. Government officials are in touch with TCS, seeking clarity on the rationale behind the ministry may push for more aggressive skilling interventions and wants clearer insight into existing talent gaps. TCS, for its part, said it will offer severance packages, counselling support, and outplacement services to affected union Nascent IT Employees Senate (NITES) has urged labour minister Mansukh Mandaviya to halt TCS's plan to axe over 12,000 jobs , calling the move 'illegal' and demanding the reinstatement of affected its letter, NITES accused the IT giant of sidelining over 600 lateral hires and questioned the fairness of the layoffs, pointing to hefty executive pay packets. The union also called on the government to hold senior leadership Alagh and Ghazal Alagh, founders, Honasa ConsumerHonasa Consumer, the parent company of Mamaearth, is looking to expand into new product lines as its once-flagship brand loses company is exploring a range of beauty tech products, including laser masks, LED light therapy devices, facial rollers, and face massagers, sources told us. These high-margin categories, often associated with Korean skincare and haircare routines, are drawing growing interest from both Indian and global is also doubling down on its newer labels, notably The Derma Co. and Dr Sheth's, which are showing strong momentum. On its Q4 FY25 earnings call, CEO Varun Alagh said these younger grands grew over 30% posted operating revenue of Rs 2,067 crore in FY25, though net profit dipped to Rs 73 crore from Rs 111 crore the previous year. With Mamaearth plateauing, the company is not bettting on premiumisation and innovation to drive its next Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Goyal, founder, Go DigitGo Digit General Insurance on Monday reported a nearly 37% rise in net profit for the first quarter on the back of growth in gross written agritech startup DeHaat posted a net profit for the first quarter of fiscal 2026 due to high-margin private label sales and exclusive agri-input distribution, along with increased focus on exports, storage and food Infrastructure Engineering (WIN) announced a new business division , Wipro Electronic Materials, on Monday, focusing on the manufacturing of high-performance materials for Printed Circuit Boards (PCBs).Flipkart cofounder Sachin Bansal's fintech venture Navi Technologies has raised Rs 170 crore through a debt funding round led by PhillipCapital, with NDX Financial Services, Arpee Commercial Company, Ambit Finvest, and Grey Grass India, among others, taking AI mobile app testing platform Drizz has secured $2.7 million in its maiden funding round , led by early-stage venture capital firm Stellaris Venture Partners. The funds will be used to advance the company's vision AI engine, expand its engineering team and strengthen research capabilities.■ From cheating exposés to dating background checks, TikTok detectives are thriving ( Wired ■ The truly worrying thing about the Coldplay concert scandal ( FT ■ BYD distracted the world while Chinese EV peers staged a coup ( Rest of World
News18
an hour ago
- News18
Pisces Horoscope Today, July 29, 2025
Pisces Daily Horoscope, July 29, 2025: Property gains, financial growth, and creative momentum. Stay alert and avoid delays—prosperity flows if you act wisely. Pisces Daily Horoscope Today, 29 July 2025: Ganesha says today may be above average for you from a financial point of view. Your income may increase today, and you may also get benefits. Money will be invested in any kind of movable or immovable property, and there can also be financial gain from it. There are also possibilities of buying property in partnership. You can get money from an old house, shop, or land. Attractive offers will come to you, and you will focus on accumulation and conservation. Work efficiency will increase, and there will be opportunities for innovation. Focus will remain on business plans, which will increase prestige and respect. Business matters will move forward well, and a sense of splendor will remain. You will remain emotionally calm and get support from everyone. There will be a focus on grooming and sweet behavior, and food will be attractive. Health will be good, morale will be high. Pisces Horoscope Today, July 29, 2025 (The author Chirag Daruwalla is the son of Astrologer Bejan Daruwalla). view comments First Published: July 29, 2025, 07:05 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
an hour ago
- News18
Andhra Pradesh CM Naidu invites Singapore entrepreneurs to invest in state
Singapore, Jul 29 (PT) Andhra Pradesh Chief Minister N Chandrababu Naidu has invited Singapore-based investors and entrepreneurs to participate in India's development drive and listed a wide range of projects planned and being implemented in his state. Addressing investors at the 'Andhra Pradesh – Singapore Business Forum and Partnership Summit Roadshow" on Monday, he highlighted a wide range of opportunities in the ongoing development of infrastructure such as ports and airports, and the creation of Quantum Valley in Amravati. Naidu said Andhra Pradesh would contribute 160 GW of green energy to India's target of 500 GW of green and clean energy by 2030. Addressing over 500 investors on the second day of his visit to the city state, the chief minister said an Arcelor Mittal steel plant and a Google operation bentre are to be set up in Visakhapatnam. He categorically listed out the development of industrial corridors that are being led by Indian conglomerates, including Tata Group's Ratan Tata Innovation Hub. 'I am requesting Singapore entrepreneurs to participate in the development. We need more investments, and we need more and more entrepreneurs. We need your support for the development, and India is the best and a safe place for investment," remarked Naidu. At the event, he spoke widely about deep tech, electronics, semiconductors, green hydrogen, logistics, ports, airports, inland waterways, pharma, biotechnology and tourism. Omar Shazad, Group CEO of Singapore-based engineering company Meinhardt, which has over 100 projects in India, said, 'The chief minister's presentation at the roadshow was incredibly inspiring." 'There are a lot of opportunities for Singapore businesses to participate both in the infrastructure space and also the adjacent real estate development, industrial, as well as data centre," Omar told PTI. He noted that Naidu has clearly spelt out the different priorities and aspects that are going to come through in Amaravati, the futuristic city in Andhra Pradesh that the chief minister is ambitiously working on and is designed to mirror Singapore's urban and industrial development programmes. PTI GS NSD NSD view comments First Published: July 29, 2025, 07:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
