A government-backed post office scheme for people 60 and over: up to ₹30 lakh, interest paid every quarter, for five years at a time
The Pushpa team · 2 sourcesFor a retired parent who wants a safe, regular income, the Senior Citizens Savings Scheme (SCSS) is one of the simplest options. It's run through post offices and authorised banks, with the rate set by the government each quarter
Close before a year and no interest is paid. Between one and two years, 1.5% of the deposit is deducted; after two years, 1%
The deposit qualifies for the Section 80C deduction under the old tax regime, within the ₹1.5 lakh limit. Tax is deducted on the interest unless she submits Form 15G or 15H, where eligible. Check her full tax position, or ask a tax adviser
How Pushpa helpsPushpa keeps the SCSS passbook details and maturity date with her other papers, and reminds the family when the five years are nearly up, so the extension window isn't missed
Rates and rules change. Check the latest at the post office or on indiapost.gov.in before investing
General information, not medical advice. In an emergency in India, call 112
Report sent to the family
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