scss maximum limit per person

The Senior Citizens Savings Scheme allows up to ₹30 lakh per individual, so a couple can hold ₹60 lakh between them in two separate accounts. The tenure is five years, extendable by a further three, and interest is paid quarterly. The rate is set by the government and reset every quarter, so check the rate in force before opening the account.

the age at which a person becomes eligible for the senior citizens savings scheme is

60 years. Someone who has retired on superannuation or under a voluntary retirement scheme may open an account from 55, provided it is done within the window allowed after receiving retirement benefits, and retired defence personnel can qualify earlier still. The account may be held singly or jointly with a spouse, and the age condition is tested on the first holder.

section 80TTB deduction limit

Section 80TTB gives a resident senior citizen a deduction of up to ₹50,000 a year on interest income from deposits with banks, co-operative banks and post offices, against ₹10,000 under Section 80TTA for everyone else. It is available only under the old tax regime, which is one of the few remaining reasons a retired person may still find that regime works out better for them.

when should form 15H be submitted

At the start of each financial year — April, in practice — and separately at every bank, post office or issuer where you earn interest. Form 15H is a declaration by a senior citizen that total income falls below the taxable limit, so no TDS need be deducted on that interest. Forgetting it is the commonest reason a retired person’s money sits with the tax department until a refund arrives after filing.

pomis limit for single and joint account

The Post Office Monthly Income Scheme allows ₹9 lakh in a single account and ₹15 lakh in a joint account, over a five-year tenure, with interest credited every month. Unlike SCSS it is open to any adult rather than only to senior citizens, which is why it is the usual companion to SCSS when a household needs a monthly inflow rather than a quarterly one.

Senior Citizens Savings Scheme and POMIS

India runs a set of small savings schemes that pay meaningfully more than a bank deposit, carry a sovereign guarantee, and are open only to older savers. For a retired parent needing a dependable monthly income, these are usually the right answer before anything with a market price is considered.

Think of it like this

Shade you did not have to grow

Somebody planted trees along the road forty years ago. You did not have to plant them, you cannot plant one today and get shade tomorrow, and using them costs nothing. The only mistake available is not walking on that side of the road.

In the market

These schemes exist, they pay above bank rates, and they are guaranteed by the government. Not using them and buying a lower-yielding bank FD instead is a common and entirely avoidable error.

The main options

Scheme	Who qualifies	Limit	Payout	Tenure
SCSS	60+, or 55+ on superannuation	₹30 lakh per person	Quarterly interest	5 years, extendable by 3
POMIS	Any adult	₹9 lakh single, ₹15 lakh joint	Monthly interest	5 years
Senior citizen bank FD	60+	No cap	As chosen	Flexible
RBI Floating Rate Bonds	Any resident	No cap	Half-yearly	7 years
PMVVY	Closed to new entrants	—	—	—

Rates on small savings schemes are reset quarterly by the government; check the current rate before committing.

The tax rules that apply only to seniors

Section 80TTB allows a senior citizen a deduction of up to ₹50,000 on interest income from deposits, against ₹10,000 for everyone else under 80TTA. It applies only under the old tax regime.
Form 15H stops the bank deducting TDS on interest where total income is below the taxable limit. It must be submitted at the start of each financial year, at every bank, and forgetting it is the commonest reason a retired person's money is stuck with the tax department for a year.
A higher basic exemption limit applies to senior and very senior citizens under the old regime — which is one of the few remaining reasons a retired person may still be better off there.
Interest is fully taxable in all these schemes. The rate advantage is real; it is not a tax shelter.

Building an income, not just a deposit

A structure that works

1
Fill SCSS first, for both parents separately
Highest rate, quarterly payout, sovereign guarantee. Two accounts of ₹30 lakh each if the corpus allows.
2
Add POMIS for a monthly cheque
SCSS pays quarterly, POMIS monthly. Together they smooth the income into something a household budget can actually run on.
3
Ladder the rest across bank FDs
Split the remainder into deposits maturing in different years. Something matures every year, so you never have to break a deposit early or reinvest everything at one moment's rates.
4
Keep a liquid layer regardless
Two to three months of expenses in a sweep-in account. Small savings schemes have exit penalties and paperwork, and a medical bill will not wait for a maturity date.
5
Only then consider anything with a market price
Debt funds, conservative hybrids or a small equity allocation may make sense on top — but only after the essential income is covered by things that cannot fall.

Check yourself

Your parents, both 66, have ₹80 lakh and need about ₹45,000 a month. What is the most sensible first step?

◆ Checkpoint

Module checkpoint: running the household

5 questions. Answers are revealed once you submit all of them.

1.What does the 50-30-20 rule leave out for an Indian household?

2.What is the first structural change for someone with irregular income?

3.You revolve a credit card balance and then buy groceries. When does interest start on the groceries?

4.What does naming a nominee on a demat account achieve?

5.Why is SCSS usually the first place to put a retired parent's corpus?

0 of 5 answered

Simple bhasha mein

Chhaya jo aapne nahi ugayi

Kisi ne chaalis saal pehle sadak ke kinare ped lagaye the. Aaj laga ke kal chhaya nahi milti, aur unke neeche chalne ka koi paisa nahi lagta. SCSS bank FD se zyada deta hai, sarkari guarantee ke saath, aur har vyakti ₹30 lakh tak — maa-baap dono ke naam se. Na use karna hi ekmatra galti hai.

What to remember

SCSS first, ₹30 lakh per person, quarterly payout and sovereign guarantee.
POMIS adds a monthly cheque; ladder bank FDs for the remainder.
Section 80TTB gives seniors ₹50,000 of interest relief — old regime only.
Submit Form 15H every April at every bank, or TDS is deducted needlessly.
Essential income should not sit anywhere with a market price.

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Common questions

Short, direct answers to what people ask about this topic.

scss maximum limit per person: The Senior Citizens Savings Scheme allows up to ₹30 lakh per individual, so a couple can hold ₹60 lakh between them in two separate accounts. The tenure is five years, extendable by a further three, and interest is paid quarterly. The rate is set by the government and reset every quarter, so check the rate in force before opening the account.
the age at which a person becomes eligible for the senior citizens savings scheme is: 60 years. Someone who has retired on superannuation or under a voluntary retirement scheme may open an account from 55, provided it is done within the window allowed after receiving retirement benefits, and retired defence personnel can qualify earlier still. The account may be held singly or jointly with a spouse, and the age condition is tested on the first holder.
section 80TTB deduction limit: Section 80TTB gives a resident senior citizen a deduction of up to ₹50,000 a year on interest income from deposits with banks, co-operative banks and post offices, against ₹10,000 under Section 80TTA for everyone else. It is available only under the old tax regime, which is one of the few remaining reasons a retired person may still find that regime works out better for them.
when should form 15H be submitted: At the start of each financial year — April, in practice — and separately at every bank, post office or issuer where you earn interest. Form 15H is a declaration by a senior citizen that total income falls below the taxable limit, so no TDS need be deducted on that interest. Forgetting it is the commonest reason a retired person’s money sits with the tax department until a refund arrives after filing.
pomis limit for single and joint account: The Post Office Monthly Income Scheme allows ₹9 lakh in a single account and ₹15 lakh in a joint account, over a five-year tenure, with interest credited every month. Unlike SCSS it is open to any adult rather than only to senior citizens, which is why it is the usual companion to SCSS when a household needs a monthly inflow rather than a quarterly one.