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SCSS provides retirees with a secure investment and guaranteed returns of 8.2% per annum.
Understanding the Senior Citizen Savings Scheme (SCSS)
The SCSS is a government-backed savings scheme specifically designed for individuals aged 60 years and above, providing them with a safe and secure investment avenue.
Retirees who have opted for superannuation, voluntary retirement schemes (VRS), or special VRS and are aged between 55 and 60 years can also benefit from this scheme.
Even retirees from defence services can open accounts under specific conditions after reaching the age of 50.
- Interest Rate: 8.2% per annum, fixed by the government.
- Deposit limit: Up to ₹30 lakh per individual.
- Interest payout: Quarterly, credited to the linked savings account.
Tax benefits and duration
Deposits in SCSS qualify for a tax deduction under Section 80C of the Income Tax Act, up to ₹1.5 lakh per annum.
This makes it a tax-efficient investment choice for retirees.
The SCSS account has a maturity period of 5 years, with an option to extend for an additional 3 years upon maturity.
Premature closure is also possible under specific conditions.
Banks offering SCSS accounts
| Public Sector Banks | Private Sector Banks |
| State Bank of India (SBI) | HDFC Bank |
| Punjab National Bank (PNB) | ICICI Bank |
| Bank of Baroda | IDBI Bank |
| Canara Bank | – |
| Indian Bank | – |
| Union Bank of India | – |
| Bank of India | – |
| UCO Bank | – |
| Central Bank of India | – |
| Bank of Maharashtra | – |
Senior citizens can visit any of these banks to open an SCSS account and secure stable, high-interest earnings on their savings.
First Published: Mar 18, 2025 11:56 AM IST
