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nism-series-xa-senior-citizens-savings-scheme-scss-limits[ INVESTMENT ADVISER (LEVEL 1) ]

What is the maximum statutory investment ceiling in the 'Senior Citizens Savings Scheme' (SCSS) for an individual retiree aged 60 and above?

[ A ]Maximum ₹30,00,000 (₹30 Lakhs) per individual, with a 5-year tenure and quarterly interest payouts eligible for Section 123 deduction (the erstwhile Section 80C).[ CORRECT ]
[ B ]Maximum ₹15,00,000 (₹15 Lakhs - Legacy pre-2023 ceiling)
[ C ]Unlimited investment with zero ceiling.
[ D ]Maximum ₹1,50,000.
Takeaway

Option A is correct: Maximum ₹30,00,000 (₹30 Lakhs) per individual, with a 5-year tenure and quarterly interest payouts eligible for Section 123 deduction (the erstwhile Section 80C).

Derivation
SCSS allows an eligible senior citizen to deposit up to ₹30 Lakhs, either in a single account or spread across accounts, subject to that aggregate ceiling. The scheme runs on a 5-year tenure and pays interest quarterly rather than compounding it, which suits retirees who need a predictable, income-style cash flow rather than a lump-sum maturity payout. Contributions qualify for deduction under Section 123 of the Income-tax Act, 2025 (the erstwhile Section 80C of the Income-tax Act, 1961) within the overall ₹1,50,000 combined ceiling, which is a materially different figure from the ₹30 Lakh deposit ceiling itself — the exam frequently tests whether candidates confuse the deduction limit with the deposit limit on this scheme.
Why the others fail
B — Maximum ₹15,00,000 (₹15 Lakhs - Legacy pre-2023 ceiling)
₹15 Lakhs was the ceiling before the Ministry of Finance doubled it to ₹30 Lakhs; using the older figure understates what a senior can currently deposit.
C — Unlimited investment with zero ceiling.
SCSS carries a hard statutory ceiling of ₹30 Lakhs per individual depositor; it is not an unlimited-deposit sovereign scheme.
D — Maximum ₹1,50,000.
₹1,50,000 is the Section 123 annual deduction (the erstwhile Section 80C) ceiling that applies across multiple instruments, not the SCSS deposit ceiling itself, which is far higher.