Advantages Of Investing In Senior Citizen Savings Scheme

Senior Citizen Savings Scheme (SCSS) provides a government-backed mode of investment to elderly people.

Any person over the age of 60 can invest in the scheme.

SCSS provides a secure investment with a fixed rate of investment, let's know its advantages.

Investors can gain tax benefits under section 80C of the Income Tax Act. Investors can get up to Rs 1.5 lakh deduction u/s 80C.

1

Since the SCSS is backed by the government, it is safe to invest in. There is less chance of default or loss in the SCSS.

2

Investors can withdraw their money after one year from the opening of the account.

3

In case the investor shifts to another place, they can easily get the SCSS transferred to the bank/post office branch closest to them.

4

Follow For More!