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Senior Citizen Savings Scheme (SCSS)


Senior Citizen Savings Scheme (SCSS) is one of India’s most trusted government-backed savings schemes designed specifically for individuals aged 60 and above. Launched in 2004, SCSS provides guaranteed returns, quarterly interest payouts, and high safety, making it an excellent retirement income option.

The scheme matures in 5 years and can be extended once for 3 additional years. Interest rates are revised periodically by the Ministry of Finance and are generally higher than regular bank FDs.

You can open an SCSS account at any public or private sector bank or post office across India.

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 Key Benefits of Senior Citizen Savings Scheme (SCSS)

1. Safe & Government-Backed
Your investment and interest are fully secured since SCSS is a Government of India scheme.

2. Quarterly Income
Interest is paid every quarter, ensuring a regular and stable income for senior citizens.

3. Premature Withdrawal Facility
In emergencies, premature closure is allowed with a small penalty.

4. Extendable Tenure
After the initial 5 years, you can extend the account once for an additional 3 years.

5. Easy to Open
SCSS accounts can be opened easily at any bank or post office and are transferable across India.

6. Tax Benefits
Deposits up to ₹1.5 lakh are eligible under Section 80C

Interest earned is taxable and subject to TDS (if applicable)

7. Multiple Accounts Allowed

You can open multiple SCSS accounts, with the total limit capped at ₹15 lakh. 

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 Features of the Senior Citizen Savings Scheme

✔ Fixed Return
Interest rate is fixed at the time of investment for the entire tenure.

✔ Flexible Deposit Options
Deposit in cash if amount is below ₹1 lakh

For deposits above ₹1 lakh, use cheque or online transfer

Maximum deposit allowed is ₹15 lakh

✔ Nomination Facility
You can add a nominee at the time of account opening.

✔ Attractive Returns
SCSS historically offers some of the highest interest rates among government Savings Schemes.

✔ Premature Withdrawal Rules
Withdrawal before 2 years → 1.5% penalty

Withdrawal between 2–5 years → 1% penalty 

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 Eligibility for SCSS Account

You can open an SCSS account if you are:

✔ Indian citizen aged 60 or above
✔ Individuals aged 55–60 who opted for VRS, within 1 month of receiving retirement benefits
(Maximum deposit = Retirement benefits received OR ₹15 lakh, whichever is lower)

✔ Retired defence personnel aged 50+
(Subject to specific conditions)

❌ Not Eligible: NRIs & HUFs 

📄 Documents Required to Open SCSS Account

Two passport-size photographs

Filled SCSS Form A

Identity proof (PAN Card, Passport)

Address proof (Aadhaar, utility bill, voter ID)

Age proof (Voter ID, Birth Certificate, PAN Card)

🏦 Opening SCSS Account in Banks

Benefits of opening SCSS with banks:

✔ Monthly/quarterly interest auto-credited
✔ Email & physical statements
✔ 24x7 customer support
✔ Easy digital monitoring through mobile & net banking

📮 Opening SCSS Account in Post Office

To open an SCSS account in a post office:

Visit the nearest post office

Fill the SCSS Form A

Submit documents + deposit

Receive your account details on approval

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