The Senior Citizens’ Savings Scheme can be opened for a period of five years that is extendable up to three years more. The Senior Citizens' Savings Scheme (SCSS) is a government-backed savings scheme designed to provide regular income to senior citizens and eligible retired individuals. SCSS investment at 55 is permitted for eligible retired individuals before they turn 60. Check the Senior Citizens’ Savings Scheme eligibility rules, three-month investment deadline, ₹30 lakh.