Senior Citizen Saving Scheme (SCSS) is a post office savings scheme for senior citizens which also saves Income Tax. This scheme offers 7.4% Interest Rate (effective from 1 January 2022) and can be determined with the help of senior citizen savings scheme calculator. Candidates can fill online application to avail benefit of this central government scheme. All the investment in this savings scheme qualifies for the tax benefit under 80C of the IT Act. SCSS Account Maturity Period (Lock-In Period) is only 5 years with maximum limit of Rs. 15 lakh.
SCSS Interest Rate chart shows that this scheme is at with other Post Office Schemes like National Saving Certificate (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Sukanya Samriddhi Yojana (SSY), Recurring Deposit – RD Account, Post Office Savings Account, Time Deposit Account (TD), Monthly Income Scheme (MIS) – check nsc vs ppf vs kvp vs ssy vs rd vs td vs scss vs mis vs post office savings scheme.
NRIs and HUFs are not allowed to make investment in this scheme. People can first check the SCSS Interest Rate Chart, compare it with other schemes. People can Compare All Post Office Schemes before making investment.
Senior Citizen Saving Scheme Interest Rate 2022
Central govt. decides SCSS Interest rate every year which currently stands at 7.4% per annum (from 1 January 2022 to 31 March 2022).
Post Office Interest Rates Table 2022
| Post Office Savings Scheme | Interest Rate |
|---|---|
| National Savings Certificate (NSC) | 6.8% compounded p.a but payable at maturity |
| Public Provident Fund (PPF) | 7.1% compounded yearly |
| Kisan Vikas Patra (KVP) | 6.9% compounded yearly |
| Senior Citizen Savings Scheme (SCSS) | 7.4% p.a payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December. |
| Post Office Recurring Deposit Account (RD) | 5.8% p.a compounded quarterly |
| Time Deposit Account (TD) | 5.5% to 6.7% p.a calculated quarterly |
| Sukanya Samriddhi Yojana (SSY) | 7.6% p.a compounded annually |
| Post Office Monthly Income Scheme (MIS) | 6.6% per year payable monthly |
| Post Office Savings Bank Account | 4% p.a |
Senior Citizen Savings Scheme Interest Rate is equal to Fixed Deposits (FD) in banks. But SCSS 2022 follows an advantage that FD interests are paid yearly while SCSS Interest is paid quarterly. This can be checked through senior citizen saving scheme calculator.
SCCSS 2022 Interest is not Tax Free and has to be paid as per Income Tax Slab Rates. However, people will get tax benefit under 80C of IT Act. TDS would be deducted @10% if interest in FY comes out to be more than Rs. 50,000.
Senior Citizen Saving Scheme Account Opening & Eligibility
Senior Citizens Savings Scheme can be opened in any post office pan India. Candidates can also avail benefits of senior citizen saving scheme in banks. Central govt. has permitted SCSS account opening in various Nationalized banks like SBI, HDFC, Canara bank to ensure higher reach and easy accessibility. For an amount below Rs. 1 lakh, subscribers can open their account in cash but for more than Rs. 1 lakh, subscribers needs to make payment through cheque.
Individuals can fill the application form in Form A along with pay-in-slip in Form D. Any individual who falls in the below mentioned categories can open Senior Citizen Saving Scheme Account:-
- Individual who is 60 years or above in age.
- Any individual between 55 to 60 years of age and has retired on superannuation / Voluntary Retirement Service (VRS). However candidate must open his account within one month of receipt of retirement benefits and maximum investment amount shall not exceed retirement benefits.
- Defense Services Retired Personnel (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of 50 years subject to the fulfilment of other specified conditions
SCSS offers sovereign guarantee, capital protection and quarterly interest payment which acts as source of income.
Senior Citizen Saving Scheme – Nomination Facility
Subscribers are allowed to open single account / joint account with spouse. Spouse may / may not be a senior citizen. Accordingly, age of only 1st application will get considered for Senior Citizen Saving Scheme Account Opening. Subscribers at the time of account opening or after opening the account can nominate any person (select nominee) through filling application in Form C.
In SCSS, any subscriber can operate more than 1 accounts in individual capacity or jointly. The maximum limit even in the joint account still remains Rs. 15 lakh (in multiples of Rs. 1000) only. Subsequently, individuals can open any number of accounts but the total balance (adding balance in all separate accounts) must be lesser than the maximum limit of Rs. 15 Lakh.
Senior Citizens Savings Scheme – Maximum / Minimum amount
There shall only 1 deposit in SCSS account in multiples of Rs. 1000 under SCSS Rules, 2004. Thus minimum amount to deposit is Rs. 1000 while maximum amount is Rs. 15 lakh. There can be only 1 deposit in an account but person can open multiple accounts in Post Office.
However, the maximum amount is restricted to the retirement benefits received by any person or Rs. 15 lakh (whichever is lower).
Check Investment / Lock In / Risk of Other Post Office Savings Scheme
Individuals can compare all Post Office Schemes on the basis of Maturity Period (Lock-In Period), Minimum and maximum amount of opening amount and Risk Factors.
NSC vs PPF vs KVP vs ELSS vs SCSS vs RD vs TD vs SSY vs MIS vs PO Savings Account
| Investment | Lock in Period | Minimum / Maximum Investment | Risk |
|---|---|---|---|
| National Saving Certificate (NSC) | 5 Years | Minimum amount is Rs. 100 and no Maximum limit | Risk Free |
| Public Provident Fund (PPF) | 15 Years | Minimum amount is Rs. 500 and Maximum amount is Rs. 1.5 lakh | Risk Free |
| Kisan Vikas Patra (KVP) | 10 Years 4 Months | Minimum amount is Rs. 1000 and no Maximum limit | Risk Free |
| ELSS Funds | 3 Years (12 to 15% expected returns) | Minimum amount is Rs. 1000 and no Maximum limit | Market Related Risks |
| Senior Citizens Savings Scheme (SCSS) | 5 Years | Minimum Deposit is Rs. 1000 and Maximum Rs. 15 lakh | Risk Free |
| Recurring Deposit (RD) | 5 Years | Minimum Rs. 10 per month and Maximum no limit | Risk Free |
| Time Deposit Amount (TD) | 1 to 5 Years | Minimum Rs. 200 and no Maximum Limit | Risk Free |
| Sukanya Samriddhi Yojana (SSY) | Till 21 years | Minimum Rs. 1000 and Maximum Rs. 1.5 lakh | Risk Free |
| Post Office Monthly Income Scheme (MIS) | 5 years | Minimum Rs. 1500 and Maximum Rs. 4.5 lakh | Risk Free |
| Post Office Savings Account | No Lock In Period | Minimum Balance Rs. 50 (non-cheque) and Rs. 500 (cheque) and Maximum Rs. 1 lakh | Risk Free |
Post Office Senior Citizen Saving Scheme 2022 – List of Documents
To make Investment in SCSS, candidates must submit the following documents:-
- Filled in application form which is available at the post office or bank
- Know Your Customer (KYC) form
- Recent Photograph of Applicants
- Permanent Account Number (PAN) Card
- Aadhaar Card
- Address proof
- Date of Disbursal of Retirement Benefits
- Age proof
- For Retired personnels, certificate from employer consisting of information about retirement whether on superannuation or VRS.
Senior Citizen Saving Scheme 2022 – Highlights at a Glance
The important features and highlights of Senior Citizen Savings Scheme 2022 are as follows:-
| Who can open |
| (i) An individual above 60 years of age. (ii) Retired Civilian Employees above 55 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. (iii) 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. (iv) Account can be opened as individual capacity or jointly with spouse only. (v) The whole amount of deposit in a joint account shall be attributable to the first account holder only. |
| Deposit |
| (i) Minimum deposit shall be Rs. 1000 and in multiple of 1000, subject to maximum limit up to Rs. 15 lakh in all SCSS accounts opened by an individual. (ii) In case any excess deposit made in SCSS account, excess amount will be refunded immediately to the depositor and only PO Savings Account Interest rate will be applicable from the date of excess deposit to the date of refund. (iii) Investment under this scheme qualifies for the benefit of section 80C of Income Tax Act, 1961. |
| Interest |
| (i) Interest shall be payable on quarterly basis and applicable from the date of deposit to 31st March/30th June/30th September/31st December. (ii) If the interest payable every quarter is not claimed by an account holder, such interest shall not earn additional interest. (iii) Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of SCSS account at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post Offices. (iv) Interest is taxable if total interest in all SCSS accounts exceeds Rs. 50,000/- in a financial year and TDS at the prescribed rate shall be deducted from the total interest paid. No TDS will be deducted if form 15 G/15H is submitted and accrued interest is not above prescribed limit. |
| Premature Closure |
| (i) Account can be prematurely closed any time after date of opening. (ii) If account closed before 1 year, no interest will be payable and if any interest paid in account shall be recovered from principle. (iii) If account closed after 1 year but before 2 year from the date of opening, an amount equal to 1.5 % will be deducted from principal amount. (iv) If account closed after 2 year but before 5 year from the date of opening, an amount equal to 1 % will be deducted from principal amount. (v) Extended account can be closed after the expiry of one year from the date of extension of the account without any deduction. |
| Account closure on maturity |
| (i) Account may be closed after 5 year from the date of opening by submitting prescribed application form with passbook at concerned Post Office. (ii) In case of death of account holder, from the date of death, account shall earn interest at the rate of PO Savings Account. (iii) In case spouse is a joint holder or a sole nominee, account can be continued till maturity if spouse is eligible to open SCSS account and not have another SCSS Account. |
| Extension of Account |
| (i) Account holder may extend the account for further period for 3 years from the date of maturity by submitting prescribed form with passbook at concerned post office. (ii) Account can be extended within 1 year of maturity. (iii) Extended account shall earn interest at the rate applicable on the date of maturity. |
| Senior Citizen Savings Scheme Rules |
| Forms Available |
For more details, visit the official website – indiapost.gov.in
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