Jul 10 , 2024

Senior Citizen Savings Scheme: How to Open, Benefits and other Details

By True Scoop

The Senior Citizens’ Saving Scheme (SCSS) is a retirement benefit program by the Govt of India.

Individuals over 60 years can opt for the SCSS scheme by making an individual or joint investment.

In SCSS, the installment amount ranges between ₹1,000 and ₹15 lakhs.

One must deposit it in the SCSS account within a month from receiving retirement benefits from his/her employer.

Additional funds from individual deposits in excess of the given amount get refunded to the account holder.

The Interest Rate is 7.40% per annum (Q2 FY 2022-23). The Tenure is 5 years (with an option to extend it for 3 more years).

The min. Investment Amount is ₹1,000 and the max. amount is ₹15,00,000 or the amount received on retirement, whichever is lower.

Eligible retirees include citizens above 60 years of age, retirees opting for VRS, and retired defense personnel (age 50-60).

Visit your nearest bank branch or post office, fill the application form and provide the relevant documents.

Explore Now