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Utilise enhanced SCSS limit, but diversify your retirement corpus

Money should also be invested in instruments that offer growth, longer lock-in, and liquidity

Retirement planning: Start early and save corpus for a 90-plus lifespan

Senior citizens should avoid putting their entire retirement corpus in SCSS

Karthik Jerome
The Senior Citizens Savings Scheme (SCSS) garnered more than Rs 10,000 crore in April 2023. Two factors account for its rising popularity -- this year’s Budget hiked the investment limit in this product from Rs 15 lakh to Rs 30 lakh and the government also raised the interest rate on SCSS from 8 per cent to 8.2 per cent for the April-June quarter.

Tailor-made for senior citizens

SCSS is a simple and safe product. “Being government-backed, it is risk-free,” says Arvind A Rao, certified financial planner and founder, Arvind Rao and Associates. The interest rate of 8.2 per cent is

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First Published: May 29 2023 | 8:34 PM IST

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