What is the Senior Citizen Savings Scheme (SCSS)?

SCSS is a government-backed scheme for investors 60+ years old (55+ for VRS retirees) offering ~8.2% interest paid quarterly. Maximum investment: Rs30 lakh per individual. 5-year tenure extendable by 3 years. Fully taxable income but EEE under 80C for principal. One of the best guaranteed income options for retirees.