Post Office Senior Citizen Saving Scheme (SCSS): Interest rate, features and documents required


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Looking to invest in Senior Citizen Saving Scheme (SCSS)? Let us look at the interest rate offered under the scheme, its key features as well as documents required for opening the account.

The government of India comes out with various welfare schemes aimed at the elderly citizens in the country from time to time. These schemes are designed to encourage senior citizens to save and invest for the future so as to make it secure for themselves and their loved ones. One such scheme designed for the elderly 60 years old and above is the Senior Citizen Savings Scheme or SCSS for short. The biggest advantage of the post office senior citizen scheme is that it only requires opening an account at the nearest bank or post office, thereby saving senior citizens from unnecessary hassle. Besides, the post office interest rate on the scheme is also quite attractive.

Also Read: SBI Senior Citizen Savings Scheme

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What is the Post Office Scheme for Senior Citizens?

As stated above, the benefits under the Senior Citizen Saving Scheme can be availed as simply as by opening an account at a post office near you or at the nearest branch of your preferred bank. The whole idea behind the scheme is to help senior citizens earn a regular and stable income after 60 years of age (post-retirement).

Benefits of Post Office Senior Citizen Saving Scheme (SCSS)

Here are some of the major benefits offered by Senior Citizen Saving Scheme (SCSS) for senior citizens:

  1. It allows for premature money withdrawal from the bank account, thus making it convenient to carry out any unforeseeable expenses
  2. It offers a high and attractive rate of interest to the investor, which can help cover a major portion of their expenses in the old age
  3. It offers several tax benefits, hence saving the elderly from tax liabilities
  4. It offers the flexibility of account transfer anywhere in the country
  5. It ensures absolute safety of the investor and is a risk-free financial investment tool for the elderly

Also Read: Post office scheme for boy child

Key Features of Post Office Senior Citizen Saving Scheme (SCSS)

Here is some more information that you need to know while opening an Senior Citizen Saving Scheme (SCSS) account:

  • The total amount deposited in the account must not exceed Rs. 15,00,000
  • The post office senior citizen scheme is valid for a term of 5 years
  • Premature withdrawal is permissible under the scheme
  • The applicant can open more than one account for themselves or a joint account with the spouse
  • The account is transferable from one branch of a bank or post office to another
  • You can add nominees to your account either at the time of opening the account or even after
  • A minimum deposit is required for opening the account, in multiples of Rs. 1,000, and only one single deposit can be made

Also Know: SBI SCSS Interest Rate, Benefits & Eligibility

How to Open an Account Under the Post Office Senior Citizen Saving Scheme (SCSS)?

Now that we know that the Senior Citizen Saving Scheme (SCSS) comes with a host of benefits, we’re sure you might already be considering investment in the scheme. So let us look at the exact process for opening a bank or post office account under SCSS.

As mentioned above, in order to avail the benefits highlighted in the earlier section, you would need to open an Senior Citizen Saving Scheme (SCSS) account at either a bank or a post office near you.

Here are the exact steps to be followed for Senior Citizen Saving Scheme (SCSS) account opening:

Step 1: Go to a bank or post office branch near you

Step 2: Take the application form from the bank/post office, duly fill it out with the required details and submit it. You would also be required to submit your KYC documents along with the application form (more on documents required for opening an SCSS account in the later section)

Step 3: Now submit the cheque for the amount that you wish to deposit in your bank account

Step 4: You can also choose to add nominees to your SCSS account, to transfer the benefits of the scheme to your loved ones in your absence

Also Read: Post office gram suraksha scheme calculator

How to Open a Post Office Citizen Scheme Account

For opening the SCSS account at a post office or bank branch, you would need to submit the following documents along with the application form mentioned in the above section:

  • Proof of ID such as PAN card or passport
  • Proof of age of the applicant, such as Voter ID, PAN card, Senior Citizen Card, birth certificate, or Passport
  • Two recent passport-size photographs
  • Proof of address such as electricity/telephone bill or Aadhar Card
  • Form A duly filled in by the applicant

Note: All the documents mentioned above must be self-attested by the applicant before submission.

Highest and Lowest Deposit Amounts for the Post Office Citizen Scheme

With a one-time fixed sum investment, the plan guarantees a reliable stream of income. However, the investment least is Rs. 1,000 and the maximum is Rs. 15 lakhs.

Also Read: Best investment for senior citizens in india

Senior Citizen Saving Scheme (SCSS) Interest Rate 2023

The current rate of interest on the SCSS stands at 8% per annum. This means that the returns on investment are relatively higher than other savings and FD accounts.

As for the quarter ending March 31, 2023, the new interest rate on post office schemes has been defined as 7.4%. The quarterly interests on this scheme are payable on 31 March, 30 June, 30 September, and 31 December each year.

Here are the interest rates paid on the senior citizen saving scheme in the recent past for your better understanding:

Time Period for Which Interest Paid Rate of Interest Per Annum
April to June (Q1 for FY 2023) 8%
July to Sep (Q2 for FY 2023) 8%
Oct to Dec (Q3 for FY 2023) 8%
Jan to Mar (Q4 for FY 2024) 8%

A quick look at the table above indicates that the rate of interest on SCSS has been maintained at 7.4% p.a. for every quarter since the FY 2023, continuing through the FY 2023.


The Senior Citizens Savings Scheme is an initiative by the government to ensure financial security to the senior citizens by way of assuring a stable and regular monthly income post retirement. For more details on such senior citizens saving schemes and investment options for the elderly, visit PayBima.

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FAQs on Senior Citizen Saving Scheme

What are the eligibility conditions for opening of SCSS account?

Only senior citizens aged 60 years and above are eligible for opening an SCSS account.

How many deposits are allowed in SCSS?

The applicant can only make one single deposit under their name. 


Is life certificate required for SCSS?

Yes, if the applicant has been drawing a retirement pension or family pension from the Government of India, he/she is mandated to submit a life certificate for opening the SCSS account. 

Is SCSS interest tax-free?

The interest earned under the SCSS is liable for tax payment under the specific tax slab that the beneficiary may fall under.

What happens to SCSS if the person dies?

In the unfortunate event of the death of the depositor before the scheme matures, the account is closed down and the deposit is refunded along with the interest earned to the nominee or legal heir appointed by the depositor. 

What is the SCSS interest rate 2023?

SCSS interest rate for year 2023 is 8%

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Dec 23, 2022
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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