A robust and safe scheme designed specially for Senior Citizens.

  • Benefits
  • Features
  • Documents Required

Senior Citizen Savings Scheme : Features

Eligibility

  • Senior citizens aged 60 years and above are eligible for this scheme. The scheme is also applicable to individuals above 55 years of age but less than 60 years retired under voluntary or special voluntary scheme and 50 years for the retired personnel of defence services (excluding Civilian Defence employees).

Rate of interest

  • Account holders can earn interest at the rate of 8.2% on their deposits. The interest is payable on a quarterly basis and is fully taxable.

Minimum and maximum deposit limit

  • The account shall be opened with a minimum deposit of Rs. 1,000 or any sum in multiples of Rs. 1,000 not exceeding Rs. 30,00,000.

Tenure

  • The tenure of the deposit is 5 years and can be further extended by 3 years.

Premature withdrawal

  • The account holder may withdraw the deposit and close the account at any time subject to the certain conditions.

Nomination facility

  • Depositors should appoint a nominee or nominees under this scheme.

Account renewal

  • After the completion of 5 years term, the account can be extended for a further block of 3 years within a period of one year from the date of maturity or from the date of end of each block period of 3 years.

Senior Citizen Savings Scheme : Documents Required

As per Gazette Notification dated 31.03.2023- Government Savings Promotion General (Amendment) Rules, 2023 submission of Aadhaar Card and Pan Card is mandatory for New & Existing Customers.

Frequently Asked Questions (FAQs)

  • What is Senior Citizen Savings Scheme?

    Senior Citizen Savings Scheme (SCSS) is a government-sponsored savings instrument launched in 2004, intending to provide senior citizens with a steady and secure source of income for their post-retirement life. .

  • Which saving scheme is best for senior citizens?

    SCSS (Senior Citizen Savings Scheme) is best for senior citizens

  • Is SCSS interest rate fixed for 5 years?

    Yes, SCSS interest rate is fixed for 5 years

  • Is senior citizen saving scheme interest tax free?

    No, senior citizen saving scheme interest is not tax free.

  • Can I invest more than 30 lakhs in SCSS?

    No, the account shall be opened with a minimum deposit of one thousand rupees or any sum in multiples of one thousand rupees not exceeding thirty lakh rupees.

  • Can I invest every year in SCSS?

    There shall be only one deposit in the account, maximum up to 15.00 lakhs.

  • Can I deposit multiple times in SCSS?

    There shall be only one deposit in the account, maximum up to 15.00 lakhs.

  • What is current interest rate in senior citizen saving scheme?

    Current interest rate in senior citizen saving scheme is 7. 6% (Q-3 from 1st Oct to 31st Dec)

  • What will be the share of the joint account holder in the deposit in an account?

    The whole amount of deposit in a joint account shall be attributable to the first account holder only.

  • Can both the spouses open separate accounts?

    Yes, both the spouses can open separate accounts.

  • Any minimum limit has been prescribed for deduction of tax at source?

    TDS is applicable above interest amount of Rs. 50000.

  • Is premature withdrawal of the deposits from the accounts under the SCSS, permitted?

    Yes, premature withdrawal of the deposits from the accounts under the SCSS is permitted.

  • Are Non-resident Indians, Persons of Indian Origin and Hindu Undivided Family eligible to invest in the SCSS, 2004?

    No, Non-resident Indians, Persons of Indian Origin and Hindu Undivided Family are not eligible to invest in the SCSS, 2004.

  • Can an account be transferred from one deposit office to another?

    Yes, account can be transferred from one deposit office to another.

  • Can an SCSS account be extended?

    Yes. It can be extended for 3 years.

  • What documents must be submitted when opening a senior citizen savings scheme account?

    The documents required for opening a senior citizen's savings scheme account are Application form, KYC, Retirement proof, if account is opened before completion of 60 years of age etc.

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