The Senior Citizen Savings Scheme was introduced in the year 2004 as a part of post office savings scheme, to provide financial security to senior citizens who are in need of a steady income post retirement. Residents aged more than 60 years, can individually or jointly open SCSS account. It can either be opened in a post office branch or in a few selected banks. This scheme supports a maximum deposit of Rs.30 lakhs, with a tenure of 5 years which can be further extended to 3 years
Key Highlights
- The current interest rate applicable to SCSS is 8.2% p.a.
- Deduction under section 80C of the Income Tax Act can be claimed for deposit amount.
- Non resident Indians (NRIs) are not eligible to open SCSS scheme account.
The following are the features of Senior Citizen Savings Scheme.
SCSS is a government-backed scheme. Hence, the invested amount is secure and there is guarantee of returns upon its maturity.
An individual can deposit the money in cash when the amount is below Rs.1 lakh. When the deposit amount is above Rs.1 lakh, an individual should make bank payment.
Individuals can appoint nominees either while opening an SCSS account or after opening the account.
Individuals can open more than one SCSS account. They may open another account either by themselves or a joint account with their spouse. However, joint accounts can be opened only with the spouse, the whole deposit amount is attributed to the first account holder only.
The minimum deposit is Rs.1,000 and the maximum is Rs.30 lakh. The deposits can be made in multiples of Rs.1,000.
An SCSS account can be transferred between a post office and a bank. Also, it is transferrable across India.
Individuals can withdraw the amount and close the account at any time on an application in Form-2 subject to the following conditions
Multiple withdrawals from an account shall not be permitted.
Particulars | Details |
Interest Rate | 8.2% per annum (for Q1 and Q2 of FY 2025-26) |
Calculation |
|
Payment | Interest payment will be credited on the first date of April, July, October, and January. |
Check out our Senior Citizen Savings Scheme returns calculator to know the cumulated interest and maturity amount at the end of the term.
The following individuals can open a SCSS account with a post office or bank:
Here is how an SCSS account works:
You can download the SCSS application form for account opening from the India Post website. You can collect the SCSS application form either at the post office branch or on the official website of the India Post.
The following banks offer SCSS:
List of Banks offering Senior Citizen Savings Scheme | ||
Allahabad Bank | Canara Bank | Oriental bank of Commerce |
Andhra bank | Central Bank of India | Punjab National Bank |
Bank of Maharashtra | Dena Bank | State bank of Bikaner & Jaipur |
Bank of Baroda | IDBI Bank | State Bank of Hyderabad |
Bank of India | Indian Bank | State Bank of India |
Corporation Bank | Indian Overseas Bank | State Bank of Mysore |
State Bank of Patiala | State Bank of Travancore | Syndicate Bank |
UCO Bank | Union Bank of India | United Bank of India |
Vijaya Bank | ICICI Bank |
Along with these banks, the Post Office also offers SCSS.
All the documents must be self-attested.
Other Articles:
1. Disadvantages of Senior Citizen Savings Scheme
2. Post Office Saving Scheme
3. National Savings Certificate
4. Post Office Scheme To Double Your Money
5. Mahila Samman Saving Certificate Scheme
6. Ponmagan Scheme in Post Office
7. SBI Amrit Vrishti Scheme
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