Senior Citizen Savings Scheme (SCSS) — How to Open & Manage
In this guide
Step-by-step Process
SCSS Eligibility and Key Features
Eligibility: Indian residents 60 years or above; 55–60 years if retired under VRS/superannuation (must open within 1 month of receiving retirement benefits); 50+ for retired defence personnel. Key features: Quarterly interest payout, 8.2% p.a. (2026), ₹1,000 minimum, ₹30 lakh maximum. Joint account with spouse allowed. Nominee can be registered.
Opening SCSS at Post Office
Visit any post office. Fill Form A (SCSS application). Documents needed: Age proof (Aadhaar/PAN/passport), Address proof, 2 passport photos, Nominee details. Payment: Cash (up to ₹1 lakh), Cheque/DD otherwise. Account opened same day if documents complete. Passbook issued. Interest credited to linked post office savings/SB account.
Opening SCSS at Bank
Authorized banks: SBI, Bank of Baroda, Punjab National Bank, HDFC Bank, ICICI Bank, Axis Bank, and many others. Same documents as post office. Some banks allow online application through net banking. Interest auto-credited to savings account on quarterly dates: March 31, June 30, September 30, December 31.
Premature Closure and Extension
Premature closure: Before 1 year — no interest paid; 1–2 years: 1.5% penalty on deposit; 2–5 years: 1% penalty. After maturity (5 years): Can extend for 3 more years with same interest rate (apply within 1 year of maturity). Extended account can be closed any time without penalty. If account holder dies: Nominee/legal heir gets amount; if spouse is co-holder, they can continue.
Official Government Portals
Common Questions
Can I open multiple SCSS accounts?
Yes, you can open multiple accounts at different post offices or banks, but the total investment across ALL accounts must not exceed ₹30 lakh. For a couple, each spouse can invest up to ₹30 lakh individually (total household ₹60 lakh). Joint account amount is also counted towards the senior citizen's individual limit.
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