Senior Citizens' Savings Scheme

Who can apply for SCSS

• People aged 60 or above on the date of opening.
• People aged 55 to 59 who have retired, if they open the account within one month of receiving retirement benefits.
• Retired defence personnel (not civilian defence staff) aged 50 or above, subject to conditions.
• Can be opened alone or jointly with a spouse. For a joint account, only the first holder's age counts.

SCSS benefits

• Interest of 8.2% a year for deposits in the October to December 2026 quarter, paid every quarter.
• Deposit between ₹1,000 and ₹30 lakh, in multiples of ₹1,000; the ₹30 lakh limit covers all your SCSS accounts together.
• The account matures after 5 years and can be extended by 3 more years.
• Deposits qualify for income-tax deduction under Section 80C.
• Early closure is allowed: interest is recovered if closed within 1 year, 1.5% is deducted in year 2, and 1% after 2 years.

How to apply for SCSS

1. 1Visit a post office or a bank branch authorised to run small savings schemes.
2. 2Fill in the account opening form (Form-1).
3. 3Early retirees must attach proof of the retirement benefit payment and an employer certificate.
4. 4Make a single deposit; only one deposit is allowed per account.

Where it applies

Every state and union territory. See what else applies near you