In case you are a senior citizen or have a relative who is a senior citizen, this video is for you. In this video, we discuss one of the best investment products for the Senior Citizen Saving Scheme. Senior Citizen Saving Scheme video has been broadly divided into 4 parts. 1. Who can invest in this scheme? a. Any Indian citizen over the age of 60 b. Retired individuals over the age of 55 c. Retired defence personnel 2. Features of the scheme a. Account can be opened in any post-office or selected banks b. Joint accounts allowed c. Deposit – Min Rs. 1,000 & Max Rs. 15,00,000 d. Tenure – 5 years with the option to extend 3 more years 3. Interest Rate – 7.40% for the quarter April 2020 payable quarterly 4. Taxation a. Rs. 1,50,000 can be deducted from taxable income under section 80C b. Interest income is taxed at the applicable tax rate c. TDS is deducted over Rs. 50,000 income We have also answered some frequently asked questions at the end of the video.