Post Office / Bank Senior Citizens’ Savings Scheme (SCSS)
The Post Office Senior Citizens’ Savings Scheme (SCSS) is a prominent government-backed savings option designed specifically for senior citizens. It offers an attractive interest rate of 8.2% per annum (effective for the current quarter) and also provides income tax benefits under Section 80C of the Income Tax Act.
This scheme helps retirees earn a steady income while ensuring capital safety. The maturity period (lock-in period) is 5 years, and the maximum investment limit is ₹30 lakh. Interest is paid quarterly—on the first working day of April, July, October, and January—in accordance with the National Savings Institute and India Post guidelines. After maturity, the account can be extended for an additional 3 years.
The SCSS interest rate chart shows that this scheme is highly competitive compared to other Post Office savings instruments such as the National Savings Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Sukanya Samriddhi Yojana (SSY), Recurring Deposit (RD), Time Deposit (TD), Monthly Income Scheme (MIS), and the Post Office Savings Account.
An online calculator is also available to help individuals determine the returns from their investment under the SCSS.
Interest Rate (October 2025)
- The interest rate for SCSS has remained 8.20% p.a. for the quarter April–June 2025 and is expected to continue at 8.20% for the October–December 2025 quarter as well.
- The Government of India notifies the interest rates for small savings schemes (including SCSS) on a quarterly basis.
- According to the National Savings Institute, the interest rate of 8.20% has been in effect since April 1, 2023 and is valid through December 2025.
- Media reports also suggest that for the October–December 2025 quarter, the interest rate for SCSS will remain unchanged at 8.20%.
So as of October 2025, you can expect 8.20% per annum on a new SCSS deposit under prevailing conditions.
Key Features & Conditions
Here are the main features, eligibility, deposit limits, and tax rules for SCSS (as applicable in 2025):
| Feature | Details |
|---|---|
| Eligibility | Indian resident aged 60 years or above. Also eligible: individuals aged 55–60 years who have retired (on superannuation or otherwise), subject to conditions. |
| Deposit limits | Minimum deposit: ₹1,000 or in multiples thereof. Maximum cumulative deposit across accounts: ₹30,00,000 (₹30 lakh). |
| Tenure | 5 years. On maturity, one can extend the account for an additional 3 years under specified conditions. |
| Interest credit / payment | Interest is calculated quarterly and paid on the first day of each quarter (i.e. 1 April, 1 July, 1 October, 1 January). |
| Tax / TDS | The interest earned is taxable. Under Budget 2025, there is a provision that no TDS is deducted if the total interest from deposit schemes (including SCSS) is up to ₹1,00,000 per year. Senior citizens may also claim deduction under Section 80TTB (up to ₹50,000) for interest income from deposits. |
| Premature withdrawal | Allowed, but with a penalty. The rules vary and conditions apply (for example, after one year, etc.). |
| Joint account | Can be opened jointly with spouse. But in a joint account, the first account holder’s age is considered for eligibility. |
| Number of accounts | One may open more than one SCSS account (in different branches), provided the cumulative deposit does not exceed ₹30 lakh. |
| Deposit type / mode | Initial deposit via cash, cheque, or demand draft. For cash deposits above ₹1 lakh, specific rules may apply. |
Account Opening / Application Form
If you wish to open an SCSS account (especially via India Post / bank / post office), here is how to proceed and a sample of the application form:
- The official SCSS application form (Form-1 / Form-A) is used to apply to open the account. (Many banks (and the Post Office) provide a combined “Account Opening / Purchase / Scheme” form which includes SCSS along with other small savings schemes.
Typical Contents of the SCSS Application Form
The form usually requests:
- Name, address, and personal details of the applicant (and spouse, if joint).
- Proof of age / date of birth.
- Identity proof and address proof (e.g. Aadhaar, PAN, voter ID, passport, driving licence).
- The amount being deposited (in figures and words).
- Mode of deposit (Cash / Cheque / Demand Draft).
- Nomination details (nominee name, relation, share).
- Signature / thumb impression of applicant (and spouse, if joint).
- Branch / Post Office name and account office name.
- Agent’s name & code (if introduced through an agent) (in some bank versions).
- Date and place of application.
You can download SCSS account opening forms from bank websites (for example, Bank of India offers SCSS forms on their site), or the India Post “Account Opening / SCSS / Small Savings” form includes SCSS.
✅ Useful PDFs / Links to SCSS Forms
- Post Office Savings — Account Opening / Purchase / Certificate (includes SCSS option)
India Post’s general account opening form (for savings / TD / SCSS etc.)
(indiapost.gov.in) - FORM-1: Application for Opening an SCSS Account (IDBI Bank)
This is a bank-specific version but follows the standard structure.
(idbibank.in) - Senior Citizens’ Savings Scheme — Central Bank of India
Standard “Form-1” for SCSS account opening, applicable for Post Office / Bank.
(Central Bank of India) - Punjab & Sind Bank — SCSS Application Form
A bank-specific SCSS account opening PDF.
(punjabandsindbank.co.in) - HDFC Bank — Application for Senior Citizens’ Savings Scheme (SCSS)
Another bank’s PDF form for this scheme.
(HDFC Bank) - Form-C for Nomination / Change / Cancellation under SCSS
This is for nomination changes, not initial opening.
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