Sarkari Yojana
Senior Citizens Saving Scheme
About Senior Citizens Saving Scheme
The Senior Citizens’ Saving Scheme (SCSS) is a Government of India retirement-benefit investment option open to individuals above 60, who can invest individually or jointly and also claim tax benefits on their deposit. Deposits can range from ₹1,000 to ₹15 lakh, though the ceiling is tied to the retiree’s actual retirement benefits, and the deposit must be made into the SCSS account within a month of receiving those benefits from the employer; any amount deposited beyond the permitted limit is refunded to the account holder. The account runs for 5 years and can be extended by a further 3 years from maturity. As of Q2 FY 2022-23, the interest rate stood at 7.40% per annum, with a minimum investment of ₹1,000 and a maximum of ₹15,00,000 or the retirement amount received, whichever is lower.
Scheme Overview
Central Government
Ministry Of Finance
State Bank Of India, Bank Of Baroda, ICICI Bank, Bank Of India, Corporation Bank, Punjab National Bank, UCO Bank, Allahabad Bank, Syndicate Bank, Union Bank Of India
Individual
02 Aug 2004
Scheme Details
Eligibility Requirements
To qualify for Senior Citizens Saving Scheme, applicants must satisfy the following conditions:
Indian citizens aged 60 or above
Indian citizens aged 60 or above.
Retirees aged 55 to 60 who opted for…
Retirees aged 55 to 60 who opted for Voluntary Retirement (VRS) or superannuation.*
Retired defence personnel aged between 50 and 60
Retired defence personnel aged between 50 and 60.* (*Investment must be made within a month of receiving the retirement benefits.)
Documents Required
Applicants should keep the following documents ready before starting the application:
KYC Documents:
Any of the following: Aadhaar card, Voter ID card, PAN card, or passport
Utility Bills:
A telephone bill or an electricity bill
Senior Citizen Card or Birth Certificate (Case Specific)
Senior Citizen Card or Birth Certificate (Case Specific)
2 passport-size photographs
2 passport-size photographs
2004-08-02
How to Apply
Offline Application
Applicants can apply for Senior Citizens Saving Scheme through the offline application process outlined below.
Application Portal: Open Application Portal ↗
Obtain the application form from your closest bank…
Obtain the application form from your closest bank branch or post office.
Hand in the completed form along with self-attested…
Hand in the completed form along with self-attested copies of the necessary documents.
Online Application
Applicants can apply for Senior Citizens Saving Scheme through the online application process outlined below.
Application Process
An SCSS account can also be opened online, provided the applicant's bank supports this option. Banks that offer the Senior Citizens' Savings Scheme include: State Bank of India, Bank of Baroda, ICICI Bank, Bank of India, Corporation Bank, Punjab National Bank, UCO Bank, Allahabad Bank, Syndicate Bank, Union Bank of India
Official Application & Website
Verify the latest eligibility, dates and instructions before applying.