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.
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.