Senior Citizen Savings Scheme: New Interest Rates and Investment Limits and How to Open
an Account

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Post Office Senior
Citizen Savings Scheme

The Senior Citizen Savings Scheme (SCSS) is one of the most popular schemes offered by the Department of Posts, especially meant for investors above the age of 60 years. [{ "selector": ".kpkmc-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 459px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".tkqba-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Senior Citizen Savings
Scheme: Deposit limit

The Centre has increased the deposit limit in the Senior Citizens’ Savings Scheme (SCSS) from Rs 15 lakh to Rs 30 lakh per account. [{ "selector": ".jelff-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 459px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".mxcux-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Senior Citizen Savings
Scheme: Separate
limits for spouses

In case a senior citizen and his/her spouse have separate SCSS accounts, they will be eligible to deposit Rs 30 lakh each in their respective accounts. [{ "selector": ".ilokz-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 464px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".kdleo-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Senior Citizen Savings
Scheme: Interest rate

Along with the SCSS deposit limit, the Centre has also increased the SCSS interest rate to 8.2% for the April-June quarter of the new financial year 2023-24. In the January-March quarter of FY23, the interest rate was 8%. [{ "selector": ".czifo-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 448px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".orwjc-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Senior Citizen Savings Scheme: Interest payment

As per the latest update, the interest on Senior Citizen Savings will be payable from the date of deposit of March 31/September 30/ December 31 in the first instance. Afterwards, the interest will be payable on March 31, June 30, September 30 and December 31. [{ "selector": ".cjzgg-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(-168.59px)", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".okdim-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Senior Citizen Savings
Scheme: Minimum and
maximum deposits

Investors can make only one deposit in the account in multiples of Rs 1000 and a maximum not exceeding Rs 30 lakh in all SCSS accounts opened by an individual. [{ "selector": ".dqffm-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 467px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".timot-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Senior Citizen Savings Scheme: Tax Benefit

SCSS deposits qualify for tax deduction under Section 80C of the Income Tax Act subject to the limit of Rs 1.5 lakh. [{ "selector": ".onnek-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 467px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".ljsjj-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Senior Citizen Savings Scheme: Maturity

You may close the SCSS account after 5 years from the date of opening by submitting the prescribed application form with the passbook at the concerned Post Office. [{ "selector": ".imxww-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 435px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".mdcuw-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Senior Citizen Savings Scheme: Account
extension

A senior citizen investor can extend the SCSS account for 5 more years from the date of maturity by submitting the prescribed form with the passbook at the concerned post office. [{ "selector": ".niqrq-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 447px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".pftig-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Senior Citizen Savings Scheme: How to Open
an Account

Anyone individual who is above the age of 60 can invest in this scheme. Senior citizens can open an SCSS account at an authorised bank or a post office. [{ "selector": ".qxszn-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 470px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".eezae-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

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Senior Citizen Savings Scheme: New Interest Rates and Investment Limits and How to Open an Account

Produced by: Basudha DasDesigned by: Pragati

Post Office Senior Citizen Savings Scheme

Senior Citizen Savings Scheme: Deposit limit

Senior Citizen Savings Scheme: Separate limits for spouses

Senior Citizen Savings Scheme: Interest rate