CrackitToday App

Senior Citizen Savings Scheme

Senior Citizen Savings Scheme:


The maximum investment limit for the Senior Citizen Savings Scheme (SCSS) has been increased from Rs 15 lakh to Rs 30 lakh in Budget 2023.

  • Senior Citizen Savings Scheme was launched with the main aim of providing senior citizens in India a regular income after they attain the age of 60 years old.
  • Eligiblility:
    • 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 defence personnel above 50 years and below 60 years of age.
  • It has a maturity period of five years. But, a depositor can extend one’s maturity period for another three years.
  • Individuals are allowed to operate more than one account by themselves or open a joint account with their spouse.
  • Eligible investors can make a lump sum deposit
  • Minimum Deposit– Rs. 1,000 (and in multiples thereof)
  • Maximum Deposit– Rs. 15 Lakh or the amount received on retirement, whichever is lower(Increased to Rs 30 lakh in Budget 2023).
  • Under SCSS, the interest amount is paid to the accountholders quarterly.
  • After one year of opening the account, premature withdrawal is allowed.
  • Deposits in SCSS qualify for deduction u/s 80-C of Income Tax Act.