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The Senior Citizen Savings Scheme (SCSS) is a risk-free government-backed scheme. It offers a guaranteed return to retirees. While its rate of interest gets revised every quarter, the rate of interest as applicable on the day of deposit gets locked in for the entire tenure of five years. So anyone investing right now would continue to get a guaranteed return of 7.60 per cent for the next five years. This makes it quite an attractive proposition for retirees looking for regular and guaranteed income from their investments to support their living expenses.
This article was originally published on July 29, 2022, and last updated on November 07, 2022.
