New Delhi, Oct. 21 -- Retirement may bring an end to regular salary income, but household expenses, medical bills and other financial commitments continue. For senior citizens looking for predictable income without taking market risks, the government's Senior Citizens' Savings Scheme (SCSS) offers an option.

The scheme currently provides an annual interest rate of 8.2%, allowing eligible retirees to earn Rs.61,500 every three months by investing Rs.30 lakh. This translates into an average monthly income of Rs.20,500, although the actual interest payment is made quarterly.

According to the National Savings Institute, SCSS has a five-year maturity period and allows investments of up to Rs.30 lakh per individual. The interest rate of 8.2% ...