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Glossary

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Build Guaranteed Savings for Your Future Goals

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Fixed Returns, Zero Risks & Worries

4 Plan Options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Fixed Returns, Zero Risks & Worries

4 Plan Options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Save, Dream, Plan. Live Peacefully

Guaranteed Maturity Benefit Tax Benefits

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Save, Dream, Plan. Live Peacefully

Guaranteed Maturity Benefit Tax Benefits

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Popular Searches

National Savings Certificate Tax Saving Plans Senior Citizen Savings Scheme Calculator NPS and PPF Savings & Investment Plans Saving Schemes Save Money For Salaried Professionals One time Investment Plan for Child

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Popular Searches

National Savings Certificate Tax Saving Plans Senior Citizen Savings Scheme Calculator NPS and PPF Savings & Investment Plans Saving Schemes Save Money For Salaried Professionals One time Investment Plan for Child

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Popular Searches

Investment Options for an NRI All About PPF Sum Assured Policy Surrender Value Guaranteed Savings Plan

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Popular Searches

Investment Options for an NRI All About PPF Sum Assured Policy Surrender Value Guaranteed Savings Plan

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Savings and Investment Plans from Canara HSBC Life Insurance

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Savings and Investment Plans from Canara HSBC Life Insurance

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Popular Searches

Senior Citizen Saving Scheme Post Office Savings Scheme What is Sum Assured? Money Saving Tips Saving Plans for Child Endowment Policy iSelect Guaranteed Future Plus Plan

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Popular Searches

Senior Citizen Saving Scheme Post Office Savings Scheme What is Sum Assured? Money Saving Tips Saving Plans for Child Endowment Policy iSelect Guaranteed Future Plus Plan

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Key Takeaways

Besides individuals aged 60 and above, SCSS is also open to retirees aged 55–60 years under VRS or superannuation and defence retirees between 50–60 years.

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Here are 10 Saving Schemes and Plans where you can Invest for a Secure Future:

Senior Citizens Savings Scheme (SCSS) : SCSS is formulated for senior citizens aged between 55 years and 60 years with early retirement. They can opt for the scheme within one month from the receipt of their retirement benefits. SCSS permits only one deposit. The least investment is Rs.1,000, and the utmost is Rs.15 lakh. The term of the scheme is five years and can be prolonged for another three years. It comes with an interest of 7.4% per annum. The interest is delivered quarterly in a savings account sustained with the same post office. The investment in SCSS qualifies for deduction under Section 80C up to a maximum of Rs.1.5 lakh. The interest obtained yearly is taxable. But, the senior citizens can allege a deduction of up to Rs.50,000 under Section 80 TTB.

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Key Takeaways

You can invest from ₹1,000 up to ₹30 lakhs either via post offices or authorised banks across India. Investments in SCSS are eligible for tax deductions of up to ₹1.5 lakh annually under Section 80C .

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Here are 10 Saving Schemes and Plans where you can Invest for a Secure Future:

Senior Citizens Savings Scheme (SCSS) : SCSS is formulated for senior citizens aged between 55 years and 60 years with early retirement. They can opt for the scheme within one month from the receipt of their retirement benefits. SCSS permits only one deposit. The least investment is Rs.1,000, and the utmost is Rs.15 lakh. The term of the scheme is five years and can be prolonged for another three years. It comes with an interest of 7.4% per annum. The interest is delivered quarterly in a savings account sustained with the same post office. The investment in SCSS qualifies for deduction under Section 80C up to a maximum of Rs.1.5 lakh. The interest obtained yearly is taxable. But, the senior citizens can allege a deduction of up to Rs.50,000 under Section 80 TTB.

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Senior Citizen Savings Scheme: A Safe Investment Option for Retirees

Retirement and pension plans are designed to help you accumulate a corpus that can be your helping hand during your old age. Senior Citizen Savings Scheme enables retirees to build a dependable financial cushion, ensuring peace of mind and independence in their golden years.

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Here are 10 Saving Schemes and Plans where you can Invest for a Secure Future:

Senior Citizens Savings Scheme (SCSS) : SCSS is formulated for senior citizens aged between 55 years and 60 years with early retirement. They can opt for the scheme within one month from the receipt of their retirement benefits. SCSS permits only one deposit. The least investment is Rs.1,000, and the utmost is Rs.15 lakh. The term of the scheme is five years and can be prolonged for another three years. It comes with an interest of 7.4% per annum. The interest is delivered quarterly in a savings account sustained with the same post office. The investment in SCSS qualifies for deduction under Section 80C up to a maximum of Rs.1.5 lakh. The interest obtained yearly is taxable. But, the senior citizens can allege a deduction of up to Rs.50,000 under Section 80 TTB.

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What is the Senior Citizen Savings Scheme?

Senior Citizen Savings Scheme is a saving and investment scheme for people over the age of 60 years. The primary goal of this program is to assist senior persons in securing an income after they retire so they can have a peaceful retirement life. Senior Citizen Savings Scheme retirement benefits allow you to balance out your present and future decisions. SCSS is the best retirement investment scheme to help you manage your financial decisions. This scheme offers protection of capital along with other quarterly interests as a source of income.

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Here are 10 Saving Schemes and Plans where you can Invest for a Secure Future:

Senior Citizens Savings Scheme (SCSS) : SCSS is formulated for senior citizens aged between 55 years and 60 years with early retirement. They can opt for the scheme within one month from the receipt of their retirement benefits. SCSS permits only one deposit. The least investment is Rs.1,000, and the utmost is Rs.15 lakh. The term of the scheme is five years and can be prolonged for another three years. It comes with an interest of 7.4% per annum. The interest is delivered quarterly in a savings account sustained with the same post office. The investment in SCSS qualifies for deduction under Section 80C up to a maximum of Rs.1.5 lakh. The interest obtained yearly is taxable. But, the senior citizens can allege a deduction of up to Rs.50,000 under Section 80 TTB.