Senior Citizens Savings Scheme (SCSS)

SCSS is a savings scheme of India Post under the government of India for senior citizens over 60 years of age or over 55 years and have retired. An account can be opened singly or jointly with the spouse. In order to promote savings among senior citizens an impressive interest rate of 9.2% is being paid for 2013-14. Interest is compounded quarterly. Up to Rs 15 lakhs can be invested for a period of 5 years and the account may be extended by up to 3 years for which Post Office Savings Account rate will be earned.

Min & Max Investment

Min- Rs 1000, Max-Rs  15 lakhs

Rate of Interest

9.20% p.a.

Maturity/ Tenure

5 years

Tax Benefit

The investments under this scheme qualify for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007

Account can be opened at one of the post offices or a nationalized bank. You can nominate an individual to receive benefits. Senior Citizens Savings Scheme allows withdrawal after 1 year with penalty of 1.5% before 2 years and 1% after 2 years.


If you don't mind the level of services provided at post offices this may be a good saving avenue for senior citizens. However at other banks you may get similar returns for a lesser tenure.

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