Senior Citizens Saving Scheme Application Process 2025

Senior Citizens Saving Scheme

The Government of India is taking major steps towards the betterment of the Senior Citizens of the Country by issuing them Senior Citizen Cards and Other Benefits Like High interest Rates, Travel Allowances and Other Benefits. Government of India also launched a welfare scheme named Senior Citizens Saving Scheme which aims at investing made by senior citizens.

What is the Senior Citizens Saving Scheme?

Government of India has launched the Senior Citizens Saving Scheme for welfare of the senior Citizens by investing in this Scheme. Individuals above 60 years of age can opt for this scheme through Single or Joint investment. In the Senior Citizens Saving Scheme, the Installment amount ranges from ₹1,000 to ₹15 lakh. The interest rate for the SCSS is 7.40% per annum with tenure of 5 years.

In order to get benefits from the SCSS one must deposit in the Scheme within one month from the date of retirement. The Maturity period of the Scheme is Five years however beneficiaries can also extend for the Additional 3 years from date of maturity.

Benefits of Senior Citizens Saving Scheme

High interest Rate of 7.40% per annum with tenure of 5 years (with extended period of 3 years is applicable).
Tax benefits also being provided under this scheme for the Applicants.
The Maturity period of the Scheme is 5 years however one can extend it by 3 years more by filling the Form-B of the Scheme.
Individuals can opt for the scheme at any post office or authorized bank in India with hassle free process.
Individuals can deposit a minimum of ₹1,000 to open their Account, the maximum deposit amount is ₹15 lakh.
If anyone wants to get their interest rate on a regular basis then he will be able to get interest credited to their bank account on a quarterly basis as per their deposited amount.

Senior Citizens Saving Scheme Eligibility Criteria

Indian Citizens who are above 60 years of Age.
Retirees in the age bracket of 55-60 years who have opted for voluntary Retirement Scheme.
Retired Defense Personnel Above 55 years and Below 60 years of age.
Investment must be made within a month of availing the retirement benefits.
NRIs are not eligible for the Scheme.

Documents Required

Aadhar Card
Pan Card
Age Proof
Senior Citizen Card
Income Certificate
Application Form
Passport Size Photo
Bank Passbook
Residential Certificate
Retirement Documents