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Govt Business
Senior Citizens Savings Scheme - 2004 (SCSS)
Government of India has introduced the Senior Citizens Savings Scheme, 2004 (SCSS) with effect from 1st November 2004.
Salient Features of the Scheme

Tenure of the Scheme

 5 years, which can be extended by 3 more years

Rate of interest

9.2% (simple interest) w.e.f. 01-04-2014

Frequency of Computing interest


Tax aspects

 Interest is fully taxable

Investment to be in multiples of


Maximum investment limit

 Rs.15 lakhs

Minimum eligible age

 60 years (55 years for those who have retired under a voluntary or a special voluntary scheme provided investment is made within 1 month of date of receipt of retirement benefits for retired personnel of Defence Services (excluding Civilian Defence Employees) - no age limit.

Facility of premature withdrawals

 Available after1 year of holding but with penalty

Transferability feature

 Not available


 Not available

Nomination Facility


Mode of Holding

Generally single, Joint mode is permitted but only spouses will be allowed to open accounts jointly with beneficiaries.

Availability of applications forms

Forms will also be available with our authorizedbranches.

Following 536 branches of our Bank are authorized to operate the SCSS Scheme.

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I am a defense pensioner dependent on your sector 29, NOIDA branch drawing pension for more than 12 years.
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