Senior Citizen Savings Scheme (SCSS) is a retirement savings scheme specially designed for senior citizens, who are above 60 years of age. in this rate interest SCSS is decided by the government and it provides regular revenue account holders during their retired life.


Where can I open SCSS account?

An SCSS account can be opened in an authorized bank. It is a good idea to check with your bank if it offers this facility. SCSS account can be opened in post office also.

Who can open account

Citizens above 60 years of age can open the account. who have chosen voluntary retirement scheme (VRS) or retirement can do so between the age of 55 to 60 years while retired defense personnel can opt for it between the age of 50 to 60 years. Investment Retirement in SCSS account should be done within one month of receiving the income.

Features of SCSS Account

The account can be started with a minimum of Rs 1,000 and a maximum of Rs 15 lakh. The interest earned on the account is paid every quarter. The maturity period of the account is five years, which can be extended up to three years.

how to open account

The applicant has to fill up the account opening form and attach the required KYC documents, photograph and a copy of the letter received from the employer regarding receipt of retirement funds. You can have more than one SCSS account, as long as the total deposits in all the SCSS accounts do not exceed Rs.15 lakhs.

things to note

• SCSS account can be opened only by retired individuals and not HUFs, non-individuals or even NRIs.
• SCSS account can be easily transferred across India.

Content on this page is courtesy of Center for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.