SCSS answers the biggest question retirees have — where to put provident fund/gratuity money for safe, regular income. At 8.2%, a ₹30 lakh deposit gives approximately ₹61,500 every quarter or ~₹20,500/month. Interest is paid quarterly directly into your bank account.
Open to anyone aged 60+. Retired defence at 50, other retirees at 55 (within 1 month of retirement). Both husband and wife can invest ₹30L each — a couple can generate ₹41,000/month combined.
Deposit qualifies for 80C. Interest is taxable — submit Form 15H to avoid TDS if total income is below taxable limit.