Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay tax.
However, interest is subject to tax as per individual tax slab. Scheme Name Senior Citizen Saving Scheme Interest Rate Tenure 5 Year Age Above 55 Years Maximum Investment Rs. 30,00,000 Minimum Investment Rs. 1000 SCSS Interest Rate 2024 The SCSS interest rate for current quarter Oct 2023 ...