Senior Citizen Savings Scheme 2004

The Senior Citizens Savings Scheme (SCSS) offers regular income, highest safety and tax saving, making it a popular product for those over 60 years of age

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Investment option ONLY for senior citizens launched in the year 2004 offering regular income.

  • Depositors receive interest every quarter
  • High rate of interest
  • Guaranteed returns
  • Maximum investment limit is Rs.15 Lakh
  • An account of 5 years and may be extended for another 3 years.
  • Nomination facility available
  • Joint Account can be opened with spouse
  • Deposit in the account qualifies for deduction under section 80C of income tax act
  • Accounts are transferrable to/from any Bank/Branch, Post Office.

Tenure of the scheme

5 years which can be extended by 3 more years

Rate of interest

The interest is paid as per the rate declared by Government of lndia from time to time. Present rate of interest is 8.7% p.a. w.e.f. 01.10.2018 to 31.12.2018.

Interest is Compounded Quaterly and Paid

Frequency of computing interest



Interest is fully taxable.

Whether TDS is applicable

Yes, Tax will be deducted at source.

Investment to be in multiples of

Rs. 1000/-

Maximum investment limit

Rs. 15 lakh

Minimum eligible age for investment

60 years (55 years for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible to invest on attaining age of 50 years subject to the fulfilment of other specified conditions.

Premature withdrawal facility

Available after one year of holding but with penalty

Transferability feature

Not transferable to others


Not tradable

Nomination facility

Nomination facility is available

Modes of holding

Accounts can be held both in single and joint holding modes. Joint holding is allowed but only with spouse.

Application forms available with

At any of the Bank’s Branches

Applicability to NRI, PIO and HUFs

Non resident Indians, Persons of Indian Origin and Hindu Undivided Family are not eligible to open an account under the scheme.

Transfer from one deposit office to another

Transfer of account from one deposit office to another in case of change of residence is permitted

You can see below link also

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