Schemes / Government of India
Senior Citizens' Savings Scheme (SCSS)
Central schemeSenior citizen
A government-backed deposit for people aged 60 and above that pays interest every quarter.
What you get
Quarterly interest at the government-notified rate. Deposits up to ₹30 lakh, a five-year tenure that can be extended, and tax deduction on the deposit under the old tax regime.
Who can apply
- Individuals aged 60 or above
- Retirees aged 55–60 who opened the account within the specified time of receiving retirement benefits, and retired defence personnel aged 50+ (conditions apply)
How to apply
- Visit a post office or authorised bank branch with the account opening form
- Deposit the amount (cheque for larger sums) and nominate a beneficiary
Documents usually needed
- Aadhaar
- PAN
- Age proof
- Photographs
Nodal authority: Department of Economic Affairs. Amounts and rules change — the official page is the final word.