Senior Citizen Savings Scheme | ROI 2023 | SBI | Post Office

Senior Citizen Savings Scheme | Interest rate| Benefits | SBI| Post Office|

Senior Citizen Savings Scheme


SCSS stands for Senior Citizen Savings Scheme & SCSS has been effective from 2 August 2004.
The scheme is primarily focused on senior citizens & offers a regular stream of income with the highest safety & attractive interest rate along with tax-saving benefits (Section 80C of the Income Tax Act, 1961).

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Senior Citizen Savings Scheme Features

Interest ratesFrom 01.04.2023
8.2 % per annum. Interest shall be payable on 31st March, 30th June, 30th Sept, and 31st December.
Deposit LimitThere shall be only one deposit in the account in multiple of INR.1000/-
Maximum not exceeding INR 15 lakh.
Eligibility60 years and above*
*An individual of the age of 55 years or more but less than 60 years who have retired on superannuation or under VRS can also open an account subject to the condition that the account is opened within one month of receipt of retirement benefits and the amount should not exceed the amount of retirement benefits.
*Retired defence personnel with a minimum age of 50 years.
*NRI & Hindu Undivided Family is not applicable to invest in this scheme.
Maturity tenure5 Years*
*After maturity, the account can be extended for a further three years within one year of maturity by giving application in the prescribed format. In such cases, the account can be closed at any time after the expiry of one year of extension without any deduction.
Premature withdrawals & closure– If closed before 1 year, no interest will be payable, if paid already will be recovered.
– after one year on deduction of an amount equal to 1.5% of the deposit to be deducted.
– after 2 years 1% of the deposit is to be deducted.
Nomination facilityThe nomination facility is available at the time of opening and also after the opening of the account.
Transfer facilityThe account can be transferred from one post office to another office.
Tax BenefitInvestment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
*TDS is deducted at source on interest if the interest amount is more than INR 50,000/- p.a.
Source-Post Office

More Features

NRI & Hindu Undivided FamilyNot applicable to invest in this scheme.
Online opening accountAn online facility is not available.
Quarterly disbursalQuarterly interest shall be payable on the 1st working day of April, July, October, and January.
It will be applicable at all CBS Post Offices.
The quarterly interest of SCSS accounts standing at Post offices can be credited in any savings account standing at any other post office.
Account HolderOperate more than one account in individual capacity or jointly with spouse (husband/wife).
A joint account can be opened with a spouse only and the first depositor in a Joint account is the investor.
The account can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and above by Cheque only.
Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
Source-Post office

Also Read National Pension System: Secure Your Retirement without Stress

Senior Citizen Savings Interest rate

FromToInterest Rate

Also Read SCSS Calculator


Safe,Secure,Reliable & Flexible– Senior Citizen Savings Scheme is an Indian government investment plan,
which provides Safety & Security of your amount without any risk, therefore it increases the reliability in the fund.
– The scheme is quite flexible and provides multiple options to invest.
You may invest any amount in multiples of Rs. 1,000 and up to Rs. 15 lakhs.
Easy way to investYou can buy this scheme directly from the Indian post office or designated bank branches across India.
Tax benefit comes with ConditionInvestment under the SCSS scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007 but TDS is also deducted at source on interest if the interest amount is more than INR 50,000/- p.a.
Assured rate of interestInterest rate @7.4 % from 01.04.2020. In comparison to 5 years tax FD, the rate of interest is quite lucrative.
Value of moneyAs compared to the product available in the bond market, this product gives you an edge when you are a senior citizen.

Authorized banks for opening account

  • Allahabad Bank
  • Bank of Maharashtra
  • Andhra bank
  • Bank of India
  • Corporation Bank
  • Canara Bank
  • Central Bank of India
  • Dena Bank
  • IDBI Bank
  • Indian Bank
  • Indian Overseas Bank
  • Punjab National Bank
  • State Bank of India
  • Syndicate Bank
  • UCO Bank
  • Union Bank of India
  • Vijaya Bank
  • ICICI Bank
  • Bank of Baroda

How to Open a Senior Citizen Savings Account?


Post Office


In order to apply for the Senior Citizen Savings Scheme application form is available at any Indian Post Offices & it’s totally an offline process to apply for the account. To get the same open follow the below steps:

  1. Download the application form & fill required mandatory fields:
    • The applicant’s name should be the same as the name on the identity proof.
    • Name of the primary applicant & for a joint SCSS account with a spouse, one needs to mention the name along with the address & the age of the spouse.
    • One is required to provide cheque/demand draft details along with the amount on the application form.
    • Nominee detail like name, age, and address should be specified (If one wish to have more than one nominee, ensure one should declare the individual share of each nominee)
    • Last step one should self attest all the proofs and good to submit the form at the designated branch of the Indian post office.

Application form for Post Office

Download Application Form
Opening of an account 1 & 2
Transfer of an account
Closure of an account
Extension of an account
Source – Post Office



State bank of India is also providing the same scheme via offline process and one can fill the SBI form along with the attached required document & visit a near branch office for opening an account.

Application form from SBI

Download Application Form
Opening of an account
Closure of an account
Extension of an account
Nomination of an account
Source – SBI

Documents Required for Senior Citizen Savings Account

  • Photographs – Two passport size.
  • SCSS Form A has to be filled for opening an Account & this is a mandatory document.
  • Age Proof – Passport, Senior Citizen Card, Birth certificate. Voter ID card etc.
  • Identity proof – PAN card, Ration card, Driving license etc.
  • Address Proof – Aadhar card,Passport, Voter ID card, Telephone bill etc.



In short, this is one of the best schemes for our senior citizen cadre post their retirement period which will provide a steady and regular income backed with government security.

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