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Senior Citizen Savings Scheme (SCSS)

Focus: GS II: Government Policies and Interventions

Why in News?

The collections under the revamped Senior Citizen Savings Scheme (SCSS) jumped 176% on year to Rs 55,000 crore in the first quarter of the current financial year.

About Senior Citizen Savings Scheme (SCSS):

  • The main aim of the SCSS is to provide senior citizens in India a regular income after they attain the age of 60 years old. The scheme offers eligible individuals the opportunity to make a lump sum deposit with a minimum of Rs. 1,000 and a maximum of Rs. 15 Lakh or the amount received on retirement, whichever is lower.


  • Indian citizens above the age of 60 years
  • Retirees in the age bracket of 55-60 years who have opted for Voluntary Retirement Scheme (VRS) or Superannuation
  • Retired defence personnel above 50 years and below 60 years of age

Deposit Limits:

  • Minimum Deposit – Rs. 1,000 (and in multiples thereof)
  • Maximum Deposit – Rs. 15 Lakh or the amount received on retirement, whichever is lower (Increased to Rs 30 lakh in Budget 2023)
  • Individuals are allowed to operate more than one account by themselves or open a joint account with their spouse

Maturity & Interest Payment:

  • Maturity period of five years
  • Depositor can extend the maturity period for another three years
  • Interest amount paid to the account holders quarterly

Other Details:

  • Premature withdrawal is allowed after one year of opening the account
  • Deposits in SCSS qualify for deduction u/s 80-C of Income Tax Act.

December 2023