The Senior Citizens’ Saving Scheme is a retirement benefit program by the Government of India. Individuals over 60 years can opt for the SCSS scheme by investing by making an individual or joint investment. In SCSS, the installment amount ranges between 1,000 & 15 lakhs. This amount is constricted to the retirement benefits. One must deposit it in the Senior Citizen Scheme account within a month from receiving retirement benefits from his/her employer. Moreover, if individual deposits more than the given amount, the additional funds get refunded to the account holder. Can extend the scheme for 3 years from date of maturity.
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