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Banking,Financial Services and Insurance

Senior Citizens Saving Scheme

Introduced in 2004 by the Govt. of India, SCSS offers a steady stream of income for individuals over 60 years old. As it is a government-backed scheme, there is minimal risk associated with SCSS. Individuals can apply for this scheme in post offices and public and private banks.

Authority

Central

Region

None

Status

Verified 2026

Updated

March 2026

What you get

Who can apply

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 defense personnel above 50 years and below 60 years of age*

Required Paperwork

  • Aadhaar Card
  • PAN Card
  • Income Certificate
  • Residence Proof (Domicile)

Common Questions

How Can I Open A Senior Citizen Savings Schemes Account Online?

Online application facility is not available for SCSS. In order to open a SCSS account, the customer must visit the post office or bank branch and fill up the related form. The same form should be attached with KYC documents, age proof, ID proof, Address proof and cheque for deposit amount.

Is 80C Applicable On Senior Citizen Savings Schemes?

Yes, investments made in SCSS are eligible for income tax deduction benefits under the Section 80C of Income Tax Act, 1961.

Can I Open A Senior Citizen Saving Account With SBI Bank?

Yes, any eligible candidate can open a senior citizen savings account with banks such as the State Bank of India. However, according to SBI's guidelines, a depositor can hold two or more SCSS accounts only if the deposits in all accounts taken together do not exceed Rs.15 lakh.

What Is The Maximum Age Of Senior Citizen Saving Account Opening?

Any individual, above the age of 60, can open Senior citizen savings account accompanied by all the required documents.

What Is The Eligibility Criteria Of Joint Senior Citizen Saving Account?

While opening a joint SCSS account, the age of first depositor is supposed to be above 60 years. However, there is no age limit for the second applicant. The joint account can be opened only with the spouse. However, the entire amount in a joint account will be attributable only to the first account holder.

Can Both The Spouses Open Separate Accounts?

Yes, individual accounts can be opened as well, provided the deposit limit is a maximum of Rs.15 lakh. Of course, it has to adhere to the rules of the scheme.

Is There Any Income Tax Rebate / Exemption?

Yes, tax deduction of up to Rs.1.5 lakh can be claimed under Section 80C of the Indian Tax Act, 1961.

Is TDS Applicable To The Scheme?

Yes if the interest exceeds Rs.10,000 per annum, TDS is applicable. In this scheme, interest payments are no exemption to deduction of tax at source.

Any Minimum Limit Has Been Prescribed For Deduction Of Tax At Source?

As per government regulations, tax has to be deducted at source as per the minimum balance.

Can A Person Holding A Power Of Attorney Sign For The Nominee In The Nomination Form?

No, a person holding a Power of Attorney cannot sign in place for the nominee in the nomination form.

In Case Of A Joint Account, If The First Holder / Depositor Expires Before Maturity, Can The Account Be Continued?

Yes, the nominee can hold the account of the expired depositor in case of a death, provided it pertains to the SCSS Rules.

Is There Any Fee Prescribed For Nomination And / Or Change / Cancellation Of Nomination?

No fee is charged.

Can An Account Holder Obtain Loan By Pledging The Deposit / Account Under The SCSS, 2004?

Periodic withdrawals for loans are not possible in this scheme as it defies the very nature of the scheme.