Senior Citizen Saving Scheme (SCSS) is an important post office scheme for senior citizens which provide extra interest rate. This scheme was introduced in the year 2004 as a part of post office savings scheme. Under the Senior Citizen’s Savings Scheme, individuals are allowed to deposit any amount up to Rs.15 lakh.
Senior Citizen Savings Scheme enables retirees to build a dependable financial cushion. You can open an SCSS account at designated post offices and authorized banks. In this article, we provide a detailed overview of the Senior Citizen Savings Scheme.
Table of Contents
What is the Senior Citizen Saving Scheme?
The Senior Citizen Saving Scheme is a government-backed savings scheme offer by Post office in india. This scheme is open to Indian citizens who are 60 years and above. This scheme supports a maximum deposit of Rs.30 lakhs, with a tenure of 5 years. This scheme offers protection of capital along with other quarterly interests as a source of income.
Senior Citizen Saving Scheme Interest Rates
SCSS is a government-backed scheme. SCSS currently stands at 8.2% per annum for this quarter. PPF is 7.1%, NSC is 7.7% and other Post Office rates remain unchanged for Oct–Dec 2025. Senior Citizen Savings Scheme interest is more than typical Bank FDs. FD interest is usually credited yearly, whereas SCSS credits quarterly on the first working day.
Post Office Interest Rates
| National Savings Certificate (NSC) | 7.7% compounded p.a. but payable at maturity |
| Public Provident Fund (PPF) | 7.1% compounded yearly |
| Kisan Vikas Patra (KVP) | 7.5% compounded yearly |
| Senior Citizen Savings Scheme (SCSS) | 8.2% p.a.; interest paid quarterly on 1st working day of Apr/Jul/Oct/Jan |
| Post Office Recurring Deposit Account (RD) | 6.7% p.a. compounded quarterly |
| Time Deposit Account (TD) | 6.9% (1 year), 7.0% (2 year), 7.1% (3 year), 7.5% (5 year) p.a. calculated quarterly |
| Sukanya Samriddhi Yojana (SSY) | 8.2% p.a. compounded annually |
| Post Office Monthly Income Scheme (MIS) | 7.4% per year, payable monthly |
| Post Office Savings Bank Account | 4% p.a. |
Who can Invest in the Senior Citizen Savings Scheme?
Investors can make deposits in a lump sum ranging between 1000 rupees to 15 lakh rupees. You can invest in a Senior Citizen Savings Scheme, if you are:
- Individuals above 60 years.
- Account can be opened singly or jointly with spouse only.
- Retired military personnel between the ages of 50 to 60.
- The whole deposit in a joint account is attributable to the first holder.
- The investment must be made within a month of receiving retirement benefits.
Documents Required to Open SCSS Account
- Two passport-size photographs
- Identity proof, such as a PAN card, Voter ID, Aadhaar card or passport.
- Proof of address, such as Aadhaar card or telephone bills.
- Proof of age, such as PAN card, Voter ID, birth certificate or senior citizen card.
List of Banks that Offer SCSS
Apart from the post office, the Government authorized 24 public sector banks and one private bank provide Senior Citizen Saving Scheme. Under public sector banks, these banks have the authority to open accounts under SCSS:
- Punjab National Bank
- Indian Bank
- Andhra Bank
- Senior Citizen Saving Scheme SBI
- Syndicate Bank
- Canara Bank
- UCO Bank
- Allahabad Bank
- Bank of Maharashtra
- IDBI Bank
- Vijaya Bank
- United Bank of India
- Indian Overseas Bank
- Union Bank of India
- Dena Bank
- Central Bank of India
- Corporation Bank
- Bank of India
- Bank of Baroda
- ICICI Bank
SCSS Account Opening Form PDF
You can download the SCSS application form for account opening from the India Post website. If you are facing any problem in downloading the form then you can download the form by clicking on the button given above.
SCSS Interest Rate
| Time Period | Interest Rate (% annually) |
| April to June (Q1 FY 2024-25) | 8.2% |
| January to March (Q4 FY 2023-24) | 8.2% |
| October to December (Q3 FY 2023-24) | 8.2% |
| July to September (Q2 FY 2023-24) | 8.2% |
| April to June (Q1 FY 2023-24) | 8% |
| January to March (Q4 FY 2022-23) | 8% |
| October to December (Q3 FY 2022-23) | 7.6% |
| July to September (Q2 FY 2022-23) | 7.4% |
| April to June (Q1 FY 2022-23) | 7.4% |
| Jan to Mar (Q4 FY 2021-22) | 7.4% |
| Oct to Dec (Q3 FY 2021-22) | 7.40 |
| Jul to Sep (Q2 FY 2021-22) | 7.4% |
| April to June (Q1 FY 2021-22) | 7.4% |
| Jan to March 2021 (Q4 FY 2020-21) | 7.4% |
| Oct to Dec 2020 (Q3 FY 2020-21) | 7.4% |
| Jul to Sep 2020 (Q2 FY 2020-21) | 7.4% |
| Apr to Jun 2020 (Q1 FY 2020-21) | 7.4% |
| Jan to March (Q4 FY 2019-20) | 8.6% |
| Oct to Dec 2019 (Q3 FY 2019-20) | 8.6% |
| Jul to Sep 2019 (Q2 FY 2019-20) | 8.6% |
| Apr to Jun 2019 (Q1 FY 2019-20) | 8.7% |
| Jan to March 2019 (Q4 FY 2018-19) | 8.7% |
| Oct to Dec 2018 (Q3 FY 2018-19) | 8.7% |
| Jul to Sep 2018 (Q2 FY 2018-19) | 8.3% |
| Apr to Jun 2018 (Q1 FY 2018-19) | 8.3% |
| Jan to March 2018 (Q4 FY 2017-18) | 8.3% |
| Oct to Dec 2017 (Q3 FY 2017-18) | 8.3% |
| Jul to Sep 2017 (Q2 FY 2017-18) | 8.3% |
| Apr to Jun 2017 (Q1 FY 2017-18) | 8.4% |
How to fill in the Post Office SCSS application form?
You can open your account at any post office across India. Here are the steps to fill the Post Office SCSS application form:
- Enter the Post Office branch name
- Enter the account number if you already have the savings account with Post Office
- Enter the branch address of the Post Office under the ‘To’ section
- Paste the photograph of the accountholder
- Enter the name of the accountholder and tick on SCSS option.
- Only if you are applying to open a savings account, select any options provided under the ‘Additional Facilities Available’ section
- Select accountholder type, such as minor through guardian, person of unsound mind through guardian, or self
- Select the account type, such as single, survivor, or all
- Enter deposit amount both in figures and in words
- Enter the cheque number and date if you deposit via cheque.
- Enter the accountholder’s personal details
- Tick the boxes at the end of the table for the documents that you have provided as requested
- Enter the details of the SCSS and tick the declaration box
- Accountholder must sign on both page one and two
- Enter the details of the nominee and provide the accountholder’s signature to validate the details mentioned about the nominee.
You can apply for the Senior Citizens Savings Scheme both online and offline. All eligible citizens can join and start saving. The Senior Citizen Savings Scheme is an ideal option for retirees seeking guaranteed returns. This scheme is specifically for senior citizens, allowing them to secure their future. This retirement plan guarantees regular income post-retirement.
FAQs
Can an SCSS account be extended?
Yes, an SCSS account can be extended. It can be extended for an additional 3 years by submitting an application.
Is any income tax rebate/exemption admissible?
No, there are no income tax rebates or exemptions applicable to this scheme.
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