Senior Citizen Saving Scheme: New Rs 30 Lakh Limit, 8.2% Interest & Rules Explained

• SCSS is a government-backed retirement scheme for Indian citizens aged 60+, available at post offices and banks.
• Offers fixed-income investment with steady 8.2% interest (2025-26) and tax benefits over a 5-year tenure.
• Union Budget 2023 increased the maximum deposit limit from Rs 15 lakh to Rs 30 lakh, with investments starting from Rs 1,000.
• Interest is credited quarterly; accounts can be joint, and a 3-year extension is possible after 5 years.
• Premature withdrawals after one year are penalty-free; a 1.5% penalty applies if closed between 1-2 years.

Why It Matters: SCSS offers secure, high-interest savings for seniors with an increased deposit limit.