The Senior Citizen Savings scheme interest rates have been hiked to 7.6% (Oct-Dec 2022) from earlier 7.4%.
The Senior Citizen Savings Scheme (SCSS) is of the most popular investment options available for senior citizens of India in 2022.
The SCSS account is only available for senior citizens of age 60 and above. The Policy Term / Tenure (SCSS) maturity period for SCSS is 5 years. This period can be extended by a period of 3 years (read more at Can SCSS account be Renewed After Maturity?). The maximum investment in SCSS has also been capped at Rs 15 lakh per senior citizen. Also, read about the difference between SCSS vs PMVVY.