Senior Citizen Saving Scheme - Benefits, Eligibility, and Interest Rates

Senior Citizen Saving Scheme (SCSS)

Empowering Senior Citizens for a Secure Financial Future: Union Bank's Savings Scheme 2019.

Guaranteed Returns - Senior citizens can earn guaranteed returns on their investment in the scheme for a fixed period of 5 years, which can be extended for 3 more years.
Regular Income - The interest on the Senior Citizens' Savings Scheme is computed quarterly, providing a regular source of income to the investors.
Tax Benefits - While the interest earned is fully taxable, senior citizens can claim a deduction of up to Rs. 50,000 under Section 80TTB of the Income Tax Act.
Nomination facility - Investors in the scheme can nominate a person to receive the benefits of the investment in case of their demise, making it a secure investment option for senior citizens

What is the name of the scheme according to the Government of India's notification dated 12.12.2019?

What is the tenure of the Senior Citizens' Savings Scheme?

What is the rate of interest for the Senior Citizens' Savings Scheme?

What is the minimum age required to be eligible for the Senior Citizens' Savings Scheme?

Is premature withdrawal allowed under the Senior Citizens' Savings Scheme?