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Among the various tax saving schemes available from the government-backed stable, one of the most popular among the senior citizens is the SCSS. The Senior Citizens Savings Scheme (SCSS) is offered to Indian residents above the age of 60 years. The SCSS deposit has a typical maturity of 5 years but this is extendable by a period of another 3 years. One of the reasons the SCSS is popular in India is that the rate of interest is extremely attractive compared to other similar products. In the last 3 years, the rate of interest has ranged between 8.3% and 8.6% and is currently at 8.6%. Senior citizens (being resident Indians) are eligible to buy SCSS from PSU and private banks as well as through the post offices. Being government backed, the principal and interest component are fully secured.
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