New Delhi, May 9 -- The Senior Citizens Savings Scheme (SCSS) is available to resident Indians who meet the prescribed age and retirement conditions. Any individual who is 60 years of age or older can open an SCSS account and invest in this government-backed savings scheme.

Individuals between 55 and 60 years of age are also eligible, provided they have retired under a superannuation or voluntary retirement scheme and open the account within one month of receiving retirement benefits. In addition, retired defence personnel can invest in SCSS from the age of 50 years, subject to the applicable conditions.

An SCSS account can be opened either individually or jointly with a spouse. In the case of a joint account, the entire deposit is cons...