Senior Citizens Savings Scheme (SCSS)


          A new avenue of investment and return for Senior Citizen.

     The account may be opened by an individual,

            Who has attained age of 60 years or above on the date of opening of the account. 

            Who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account   within three months from the date of retirement.

            No age limit for the retired personnel of Defence services provided they fulfill other specified conditions.

     The account may be opened in individual capacity or jointly with spouse.

     Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account.

     The individual may open one or more account in the multiple of Rs.1000/-, subject to a maximum limit of Rs.15 lakh. Further, more than one account cannot be opened in the same post office during a calendar month.

      No withdrawal shall be permitted before the expiry of a period of five years from the date of opening of the account. The depositor may extend the account for a further period of 3 years.

     Premature closure of account is permitted

         After one year but before 2 years on deduction of 1 ½ % of the deposit.

         After 2 years but before date of maturity on deduction of 1% of the     deposit.

     In case of death of the depositor before maturity, the account shall be closed and deposit refunded  without any deduction along with interest.

     Interest @ 9% per annum from the date of deposit on quarterly basis. Interest can be automatically credited to savings account provided both the accounts stand in the same post office.

     Interest rounded off to the nearest multiple of rupee one.

    Post Maturity Interest at the rate applicable to the deposits under Post Office Savings Accounts from time to time is admissible for the period beyond maturity.

      Nomination facility is available in the Scheme.

     The investment under this scheme qualify for the benefit of Section 80C of the Income  Tax Act, 1961 from 1.4.2007

        Monthly Income Scheme (MIS) and Senior Citizen Saving Scheme (SCSS) are the best for Senior Citizens who desire monthly/quarterly interest. Invest in MIS / SCSS and transfer interest into RD account through SB account through written request and earn a combined interest of 10.5 % (approx.).

        This is the safest investment option for the Senior Citizens. 


This is the unofficial website of Indian Post office schemes which shows official schemes of Indian Post Office e.g., Public Provident Fund (PPF), RD, MIS, Kisan Vikas Patra, NSC, Time Deposits, Savings account, Senior Citizens Savings Scheme etc.

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