New Delhi, April 21 -- The Senior Citizens Savings Scheme (SCSS) is a government-backed retirement plan for those aged over 60 years, which allows them to invest between Rs.1,000 to Rs.30 lakh for a period of five years, at annual interest rate of 8.2%.

Investment under the scheme also qualify for tax deduction up to Rs.1.5 lakh under Section 80C of the Income-Tax Act. The accounts can be opened by public banks or at your nearest post office.

It is a good investment at a time when active earnings from employment start to moderate and provides a good and steady pad up to your pension stream with quarterly interest payouts.

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