Post Office Senior Citizen Savings Scheme 2023:- A savings scheme has been launched by the post office for senior citizens. Whose name is Senior Citizen Savings Scheme (SCSS). Under the scheme, senior citizens above 60 years of age and applicants above 55 years of age but less than 60 years of age can also get the benefit of the scheme by opening an account under the Senior Citizens Savings Scheme in the post office. Along with this, citizens who have taken voluntary retirement and have retired on retirement can also get benefits under the scheme.
Post Office Senior Citizen Savings Scheme
Senior Citizens Savings Scheme (SCSS) is a government-backed savings scheme. Through which citizens above 60 years of age are provided with a good option to save. It is a fixed-income investment option whose main objective is to help people (senior citizens) above 60 years of age to ensure a regular flow of income after retirement. Here we will provide you with complete information about Senior Citizen Savings Scheme (SCSS), eligibility criteria, interest rate, benefits, scss application form, etc.
Senior Citizen Savings Scheme Highlights
|Name of the Scheme||Senior Citizens Savings Scheme|
|Available||Indian Post Office|
|Interest Rate||7.40% p.a.|
|Duration||5 years (extension of 3 years is available)|
|Minimum investment amount||Rs 1,000|
|Maximum investment amount||Rs 15 lakh or retirement amount, whichever is lower|
Post Office Senior Citizen Savings Scheme: Eligibility
You are eligible to invest in SCSS if you fall under the following groups:
- An individual above 60 years of age.
- Retired Civilian Employees above 55 years of age and below 60 years of age, subject to the condition that investment be made within 1 month of receipt of retirement benefits.
- Retired Defense Employees above 50 years of age and below 60 years of age, subject to condition that investment to be made within 1 month of receipt of retirement benefits.
- Account can be opened in an individual capacity or jointly with a spouse only.
- The whole amount of deposit in a joint account shall be attributable to the first account holder only.
Senior Citizen Savings Scheme: Deposit
The following are the conditions for making a deposit for Senior Citizen under the scheme
- The minimum deposit shall be Rs. 1000 and in multiple of 1000, subject to a maximum limit up to Rs. 15 lakh in all SCSS accounts opened by an individual.
- In case any excess deposit is made in the SCSS account, the excess amount will be refunded immediately to the depositor and only the PO Savings Account Interest rate will be applicable from the date of excess deposit to the date of refund.
- Investment under this scheme qualifies for the benefit of section 80C of Income Tax Act, 1961.
Post Office Interest Rates Table 2023
|Public Provident Fund (PPF)||7.10% compounded annually|
|National Savings Certificate (NSC)||6.80% compounded annually but payable at maturity|
|Senior Citizen Savings Scheme (SCSS)||7.40% revised quarterly|
|Kisan Vikas Patra (KVP)||6.90% compounded yearly|
|Time Deposit Account (TD)||1 year – 5.50% paid quarterly
2 years – 5.50% paid quarterly
3 years – 5.50% paid quarterly
5 years – 6.70% paid quarterly
|Post Office Recurring Deposit Account (RD)||5.80% per annum compounded quarterly|
|Post Office Monthly Income Scheme (MIS)||6.60% per year payable monthly|
|Sukanya Samriddhi Yojana (SSY)||7.60% per annum compounded annually|
|Post Office Savings Bank Account||4% per annum|
Apply for Senior Citizen Savings Scheme
If you want to apply under the Post Office Senior Citizen Savings Scheme, then for this you have to complete the process given below.
- For this, you have to first go to the official website of India Post.
- Here you have to click on the option of “Banking & Remittance” under the menu on its home page.
- After this, you have to click on “Post Office Savings Schemes”.
- Now Post Office Savings Schemes will open in front of you. Here you have to click on “Senior Citizens Savings Scheme Account (SCSS)”.
- After clicking, all the information on the Senior Citizens Savings Scheme will open in front of you.
- Here you have to finally click on the option of Forms available.
- After this, all the forms related to the scheme will be shown in front of you.
- You have to click on the option of download in front of “Application Form for Opening of Account”.
- After this, a PDF form will open in front of you. From here you can download the form.
- Or you can also download the application form through the direct link given below.
- After downloading the form, you have to fill the form correctly and submit it to the post office.