Senior Citizens Savings Scheme (SCSS), the government-backed savings scheme, is known to be more secure, unlike bank FDs, because the investments are held with the government.

SCSS account with SBI Senior citizens aged 60 years or above can open their SCSS account with India’s largest public sector lender – State Bank of India (SBI) after meeting certain criteria.

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Since the scheme is meant only for senior citizens, those aged 60 and above can invest in the SCSS. It is also open to those who have taken early retirement or VRS over the age of 55.