What is PO SCSS (Senior Citizen Savings Scheme)?

As the name suggests, this scheme is exclusively for the elderly.
An individual should be 60 or more in order to open an account under this scheme.
The interest rates payable are 8.2% per annum, compounded quarterly and paid.
This scheme has a maturity period of five years and the maximum amount can’t exceed Rs15 Lakhs.
For an amount under Rs 1 lakh, the account can be opened via cash. For an amount above 1 lakh, however, you have to open the account through cheque.
Only the spouse can be the joint account-holder. You can open as many accounts as you want. The account is transferrable.

Check Total wealth you can create using PO SCSS Calculator