Government scheme · Senior citizens
Senior Citizens Savings Scheme (SCSS)
SCSS is a government-backed savings scheme that gives senior citizens a regular quarterly income. The rate is fixed for the account’s term when you open it.
Visit official websiteWho can apply
- Individuals aged 60 or above
- Retired employees aged 55 to 60 and defence retirees aged 50 to 60, subject to conditions
Key features
- Deposit from ₹1,000 up to ₹30 lakh
- Interest paid every quarter
- 5-year term, extendable by 3 years
- Deposits qualify for Section 80C under the old tax regime; interest is taxable
How to apply
- Open an account at a post office or an authorised bank with age proof and KYC
Not sure where to save?
Ask Bachatt Saathi how this scheme compares with Insta Fund, mutual funds or Gold & Silver funds for your goal.
Frequently asked questions
Can I withdraw from SCSS early?+
Yes, after a minimum period, with a deduction from the deposit that depends on when you close it.
More government savings schemes
See all government savings schemesThis page is for information only. Bachatt is not affiliated with this scheme; the scheme name belongs to the Government of India and its agencies. Limits, rates and eligibility change from time to time — always check the official website before you apply.