{"id":13015,"date":"2023-07-12T10:29:31","date_gmt":"2023-07-12T04:59:31","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=13015"},"modified":"2025-04-01T23:37:47","modified_gmt":"2025-04-01T18:07:47","slug":"about-senior-citizen-savings-scheme-scss","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/about-senior-citizen-savings-scheme-scss\/","title":{"rendered":"About Senior Citizen Savings Scheme (SCSS)"},"content":{"rendered":"<h2><strong>About Senior Citizen Savings Scheme (SCSS):<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li>SCSS was launched with the main <strong>aim of providing senior citizens in India a regular income after they attain the age of 60 years old.<\/strong><\/li>\n<li><strong>Who is eligible?<\/strong>\n<ul>\n<li><strong>Indian citizens above the age of 60 years.<\/strong><\/li>\n<li><strong>Retirees in the age bracket of 55-60 years<\/strong> <strong>who have opted for <\/strong>Voluntary Retirement Scheme<strong> (VRS) or Superannuation.<\/strong><\/li>\n<li><strong>Retired defence personnel above 50 years and below 60 <\/strong>years of age.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Maturity<\/strong>: It has a maturity period of <strong>five years.<\/strong> But, a <strong>depositor can extend<\/strong> one&#8217;s maturity period <strong>for another three years.<\/strong><\/li>\n<li><strong>Number of accounts: <\/strong>Individuals are allowed to operate <strong>more than one account by themselves or open a joint account with their spouse.<\/strong><\/li>\n<li><strong>Deposit Limits:<\/strong> Eligible investors can make a lump sum deposit<\/li>\n<li><strong>Minimum Deposit\u2013 Rs. 1,000 (and in multiples thereof)<\/strong><\/li>\n<li><strong>Maximum Deposit\u2013 Rs. 30 Lakh.<\/strong><\/li>\n<li><strong>Interest Payment:<\/strong> Under SCSS, the interest amount is paid to the account holders <strong>quarterly<\/strong>.<\/li>\n<li><strong>Premature withdrawal:<\/strong> <strong>After one year<\/strong> of opening the account,<strong> premature withdrawal is allowed.<\/strong><\/li>\n<li>Deposits in SCSS <strong>qualify for deduction u\/s 80-C of Income Tax Act.<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1)\u00a0What is Section 80-C of Income Tax Act?<\/h3>\n<p>section 80C is one of the most popular and favorite sections amongst taxpayers as it allows them to reduce taxable income by making tax-saving investments or incurring eligible expenses. It allows a maximum deduction of Rs 1.5 lakh every year from the taxpayer&#8217;s total income. \u00a0 The benefit of this deduction can be availed by Individuals and HUFs. Companies, partnership firms, and LLPs cannot avail the benefit of this deduction.<\/p>\n<p><strong>Source:<\/strong>\u00a0<a href=\"https:\/\/www.financialexpress.com\/money\/senior-citizens-saving-scheme-receipts-jump-176-in-q1\/3165800\/\" target=\"_blank\" rel=\"nofollow noopener\"><u>Senior Citizens Saving Scheme: Receipts jump 176% in Q1<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SCSS aims to provide senior citizens in India a regular income after they attain the age of 60 years old.<\/p>\n","protected":false},"author":5,"featured_media":13016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-13015","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/13015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=13015"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/13015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/13016"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=13015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=13015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=13015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}