New Delhi: For senior citizens looking for a safe and regular source of income after retirement, the Post Office Senior Citizen Savings Scheme (SCSS) continues to remain one of the most attractive small savings options.
The scheme, designed especially for elderly investors, offers assured returns along with tax-related benefits. For the April-June 2026 quarter, the government has kept the SCSS interest rate unchanged at 8.2 per cent per annum. Interest rates on small savings schemes are reviewed every three months.
Under SCSS, investors can deposit up to ₹30 lakh. At the current interest rate, a senior citizen investing the maximum amount can receive around ₹61,500 every quarter, translating into nearly ₹2.46 lakh annually. The quarterly payout structure makes the scheme useful for retirees who need a predictable flow of money for household and medical expenses.
The scheme has a maturity period of five years, which can be extended by another three years, subject to rules. The minimum investment starts from ₹1,000, making it accessible to a wide section of senior citizens.
Another advantage is that both husband and wife can open separate SCSS accounts, or they can opt for a joint account. Each account carries an investment limit of ₹30 lakh.
However, the interest earned under SCSS is taxable. Senior citizens can claim relief of up to ₹50,000 under Section 80TTB of the Income Tax Act, depending on eligibility.
With safety, fixed returns and quarterly income, SCSS remains a reliable option for senior citizens seeking financial stability in their retirement years.