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SCSS or Senior Citizens Savings Schemes is an investment scheme initiated by the Indian government to support the senior citizens after retirement. This scheme can be obtained by senior citizens of 60 years and above in India. This is a long term and cost-effective saving scheme that comes with some wonderful features along with matchless security.
| SCSS Tenure | 5 years |
| SCSS Interest Rate | 7.4% p.a. |
| SCSS Investment Amount Required | Maximum amount that can be deposited is Rs.15 lakh |
| Does SCSS allow Premature Withdrawal | Yes |
Also Read: Senior Citizens Can Avail Tax Break on Interest Income Under Sec 80TTB
The Government of India initiated the scheme of SCSS to secure the senior citizens of the country with a regular income post retirement. This scheme comes with numerous benefits such as tax deductions. Also, this is a secure plan that you can invest in and it is available with an interest rate of 7.4% at present as compared to earlier interest rate of 8.6%. Further, the scheme allows premature withdrawal of money if any need arises.
The SCSS scheme is a feature packed scheme that ensures security of individuals investing in the plan. This is a good savings option to consider for a long term investment. This scheme can be availed from any Indian post office as well as from certified banks in India.
Let us give you the idea on how to open an SCSS account, and what all documents you would require for the same. To open an account of Senior Citizens Savings Schemes you must visit a post office or a bank that is located close to you. There you have to submit an application form pertaining to the SCSS account as well as the necessary KYC documents required to be submitted. Also, you have to submit a cheque of the amount that you want to deposit in the SCSS account, and provide a nominee name that you want for your account.
Save Tax – Take a Family Health Insurance Coverage Plan
Below are the key documents required to present during the time of SCSS account opening.
The interest rate at which SCSS is available right now is 7.4%. SCSS interest rate was earlier fixed at 8.6%. However, as compared to FDs or fixed deposits and savings accounts, you receive better returns on Senior Citizen Savings Scheme. While paying the interest for the first time, you can make the payment on the dates as mentioned below:
Later in the scheme, you can make the payments of the interest on dates:
For quarterly interest payment: pay in April (initial working days), and in July, October, and next year January. For quarterly payments on interest, you can use the post office with Core Banking facility.
| Fiscal Year | ROI p.a. (%) |
| April to June (Q1 FY 2020-21) | 7.4 |
| Jan to March (Q4 FY 2019-20) | 8.6 |
| Oct to Dec 2019 (Q3 FY 2019-20) | 8.6 |
| Jul to Sep 2019 (Q2 FY 2019-20) | 8.6 |
| Apr to Jun 2019 (Q1 FY 2019-20) | 8.7 |
| Jan to March 2019 (Q4 FY 2018-19) | 8.7 |
| Oct to Dec 2018 (Q3 FY 2018-19) | 8.7 |
| Jul to Sep 2018 (Q2 FY 2018-19) | 8.3 |
| Apr to Jun 2018 (Q1 FY 2018-19) | 8.3 |
| Jan to March 2018 (Q4 FY 2017-18) | 8.3 |
| Oct to Dec 2017 (Q3 FY 2017-18) | 8.3 |
| Jul to Sep 2017 (Q2 FY 2017-18) | 8.3 |
| Apr to Jun 2017 (Q1 FY 2017-18) | 8.4 |
Aldo Read: Income Tax Saving Investments Under Section 80EE, 80C, 80D
The main features of the Senior Citizens Savings Scheme are mentioned below:
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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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