Is a tax benefit available for opening a new SCSS account?

The Senior Citizen Savings Scheme (SCSS) is a government-backed scheme assuring a regular and guaranteed income for retirees. The main objective of this scheme is to provide an assured return to senior citizens. The interest is paid-out quarterly and helps create a regular income for the retirees. This scheme currently provides a 7.4 per cent return per annum compounded annually. While the interest rate offered on SCSS gets revised every quarter, it gets

This article was originally published on July 25, 2022.