Post Office's SCSS: A 'Bumper Offer' for Seniors Over 60 with Stable Monthly Income

• The Senior Citizen Savings Scheme (SCSS) from the Post Office offers a stable income without market risk for individuals aged 60 and above.
• Eligibility extends to all Indian citizens aged 60+, VRS retirees from 55 (invest within one month of benefits), and defense retirees from 50.
• Investments range from a minimum of Rs. 1,000 up to a maximum of Rs. 30 lakhs (individual or couple), offering a current interest rate of 8.2%.
• Interest is credited quarterly, aiding senior citizens with monthly expenses, and the scheme has a primary tenure of 5 years, extendable by 3 years.
• Tax exemption up to Rs. 1.5 lakhs under Section 80C is available; TDS applies if interest exceeds Rs. 50,000, but can be avoided with Form 15H.