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How to Open Senior Citizen Savings Scheme SCSS Account 2026

SCSS - 8.2% guaranteed for seniors 60+. Max ₹30 lakh, 5-year tenure.

📁 Schemes ⏱️ 20-30 mins 💰 Min ₹1,000

About This Guide

SCSS senior citizen savings scheme. Current 8.2% (revised quarterly). Max ₹30 lakh per individual. 5-year tenure (extendable 3 years). Quarterly interest. 80C tax benefit. Govt-backed.

Eligibility Criteria

Indian resident 60+
55+ for VRS retirees (within 1 month)
50+ defense retired
Multiple accounts allowed
Joint with spouse only

Documents Required

Keep these documents ready before starting application. Missing documents = delayed approval.

Aadhaar
PAN
Address proof
Age proof
Retirement certificate (VRS/defense)
Bank account
Photographs

Step-by-Step Application Process

Follow these steps in order. Each step is critical - skip none.

Choose Bank/PO

PSUs, post offices, most banks.

Visit Branch

Carry documents. Get SCSS Form 1.

Fill Application

Personal, nominee, joint holder, amount.

Choose Investment

Min ₹1,000. Max ₹30 lakh.

Submit Documents

Aadhaar, PAN, age proof, bank.

Make Payment

Cheque/NEFT. Lump sum.

Get Passbook

SCSS passbook with account.

Quarterly Interest

Auto-credited every quarter.

Key Benefits

8.2% interest
Quarterly interest payment
Max ₹30 lakh
Section 80C benefit
Govt-backed
5-year (3-year extension)
Premature withdrawal allowed (penalty)

What Happens After Application?

Quarterly interest credited. TDS if interest > ₹50K (₹1L senior). Form 15H to avoid. At 5 years, principal + final interest. Extend 3 years.

Frequently Asked Questions

TDS?

10% TDS if interest > ₹50K (₹1L senior). Submit Form 15H.

Premature withdrawal?

After 1 year (1.5% penalty), After 2 years (1% penalty).