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SCSS is the highest-return government guaranteed savings scheme available to senior citizens. Available at any post office or authorised bank (SBI, ICICI, Axis, HDFC, etc.).
Government benefits · Senior Citizen
SCSS, Senior Citizen Savings Scheme: the best guaranteed return for 60+
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Provisions
Government Savings Promotion Act | Post Office/Bank branch | IT Act, Sec 123 (old 80C)
Analysis
Key features (2026): Interest rate: 8.2% p.a. revised quarterly by govt. Quarterly interest payout, credited to linked bank account on 1st of April, July, October, January. Max deposit: ₹30L per individual (₹60L for a couple, separate accounts). Tenure: 5 years, extendable by 3 more years. Premature closure: allowed after 1 year with penalty (1.5% before 2 years, 1% after 2 years). Who can open: 60+ years. Retired civilian employees 55+. Retired defence personnel 50+. HUF and NRIs are NOT eligible.
Close
- Visit any post office or authorised bank (SBI, HDFC, ICICI, AXIS, PNB etc.)
- Documents: Aadhaar, PAN, age proof (birth certificate or service certificate if retired early), passport photos, cheque for deposit amount
- Joint account allowed with spouse, but deposit counted against first holder's ₹30L limit
- Nomination mandatory at opening
- TDS: 10% on interest above ₹50,000/year (Form 121 (old Form 15H) form to avoid TDS if income below tax threshold)
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