Gross deposits under the Senior Citizen Savings Scheme (SCSS) for senior citizens increased by more than 1527% between 2013–14 and 2021–22.

In 2013–14, post offices received a total of Rs 1997.9 crores in gross deposits from senior citizens participating in this well-known little savings scheme.

Senior citizen depositors at SCSS receive a reasonable interest rate. This method can help you get a steady monthly income from depositors if applied appropriately.

The SCSS scheme. Every three months, the SCSS interest rate is changed. The interest rates on SCSS deposits have remained the same for the past few quarters.

Currently, this senior savings scheme provides 7.4% annual return, which is higher than fixed deposits.

Seniors who invest in this scheme will receive payments every three months. At the current annual interest rate of 7.4%

The interest is due starting from the deposit date, which is in the first instance the 31st of March, 30th of September, or 31st of December.

Tax-free SCSS deposit interest is earned up to Rs 50,000 in a financial year. When the SCSS account's total interest exceeds Rs 50,000 in a year, it becomes taxable.

Seniors can claim earned interest without going to the post office. It might be immediately withdrawn from their savings account that is open at the same post office.