Elderly individuals searching for guaranteed income for their golden years are still finding post office schemes to be a preferable option to invest, despite the rising interest rates of bank fixed deposits. The Senior Citizen Savings Scheme (SCSS), which offers an interest rate of 7.4% per year—significantly higher than the retail inflation rate of 7% and even higher than the interest rates of bank fixed deposits from institutions like SBI—is a clear example of a better investment option reserved only for senior citizens. The Senior Citizen Savings Scheme (SCSS) is a government-backed, risk-free post office scheme. It provides retirees with a guaranteed return, and by investing in SCSS, seniors may get an annual risk-free income of more than ₹2 lakh. Let’s look at how this works.