New Delhi, Feb. 4 -- The Senior Citizens Savings Scheme (SCSS) is a government-backed savings initiative tailored for senior citizens to ensure a secure and regular income post-retirement. With guaranteed returns, tax benefits, and a straightforward process, it is one of the most reliable financial tools available for retired individuals in India. This scheme is available through Post Offices and authorised banks, providing flexibility and accessibility to investors. Here's everything you need to know about this scheme.

The following individuals are eligible to open an SCSS account:

Section 80C deduction: Deposits made under SCSS qualify for a tax deduction of up to Rs.1.5 lakh per year under Section 80C of the Income Tax Act. This help...