Key facts
What the official sources publish
Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.
Deposit typeGovernment Senior Citizens Savings Scheme with five-year maturity and optional three-year extension.View source
The page states five-year maturity and three-year extension.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Scheme and maturity
- Accessed
- 6 Sept 2026
- Confidence
- high
EligibilityIndividuals above 60; retired civilian employees aged 55–60 and retired defence employees aged 50–60 may open within one month of receiving retirement benefits. Joint holding is with spouse only.View source
The eligibility section publishes age, retirement and holding rules.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Who can open
- Accessed
- 6 Sept 2026
- Confidence
- high
Deposit range₹1,000 minimum in multiples of ₹1,000; aggregate maximum ₹30 lakh across an individual's SCSS accounts.View source
The page publishes minimum, multiple and maximum.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Deposit limits
- Accessed
- 6 Sept 2026
- Confidence
- high
Interest rate8.20% per annum effective 1 July 2026, paid quarterly on 31 March, 30 June, 30 September and 31 December.View source
The page publishes the current rate and quarterly schedule.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Interest and periodicity
- Accessed
- 6 Sept 2026
- Confidence
- high
Premature closureAllowed any time: before one year no interest (and paid interest recovered); after one but before two years 1.5% deduction; after two but before five years 1% deduction. No deduction after one year on an extended account.View source
The premature-closure section gives each time band and deduction.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Premature closure
- Accessed
- 6 Sept 2026
- Confidence
- high
Tax treatmentInvestment qualifies for Section 80C benefit; interest is taxable and TDS applies where prescribed.View source
The page states Section 80C eligibility and taxable-interest treatment.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Tax and interest
- Accessed
- 6 Sept 2026
- Confidence
- high
Interest payout / redemptionCallable 333-day deposit permits monthly, quarterly, half-yearly or cumulative payout. Green deposit credits maturity amount to linked account with no auto-renewal. SCSS pays quarterly on 31 March, 30 June, 30 September and 31 December.View source
The official pages publish payout options, maturity credit and quarterly dates.
- Source
- Central Bank time-deposit pages
- Page / section
- Payout and maturity
- Accessed
- 6 Sept 2026
- Confidence
- high
Senior-citizen rateGreen Time Deposit: additional 0.50% for senior citizens (with staff/
The Green and 333-day pages publish additional senior-citizen rates; publishes its applicable rate for the eligible segment.
- Source
- Central Bank time-deposit pages
- Page / section
- Senior-citizen rate additions
- Accessed
- 6 Sept 2026
- Confidence
- high
Tenure / programmeQuarterly interest payoutView source
The manually reviewed product record states: “Quarterly interest payout”.
- Source
- Senior Citizens Savings Scheme () — official product page
- Page / section
- Published product metadata
- Accessed
- 6 Sept 2026
- Confidence
- high
Benefits and features
- 8.20% per annum effective 1 July 2026
- Quarterly interest payout
- ₹1,000 minimum in ₹1,000 multiples; ₹30 lakh aggregate maximum
- Section 80C tax benefit
- Three-year extension after maturity
Eligibility
- Individuals above 60; retired civilian employees above 55 and below 60 within one month of retirement benefits; retired defence employees above 50 and below 60 within one month. Joint holding with spouse only.
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- Age/retirement proof, , nomination and account-opening form
Related official documents
Senior Citizens Savings Schemeofficial-product-page · current · accessed 6 Sept 2026
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