Senior Citizens Saving Scheme: SCSS Eligibility, interest rates & benefits

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What Are the Current Interest Rates for SCSS?

Valid from 1st October to 31st December 2021, the current Senior Citizen Saving Scheme interest rate is 7.40%. Also, both bank and post office SCSS interest rates 2021 are the same.

Go through the interest rate chart and trend of the last 9 years to understand how it has changed over time:

Year (FY)	Interest Rate
Till 2012	9.00%
2012-2013	9.20%
2013-2014	9.30%
2015-2016	9.30%
2016-2017	8.40%
2017-2018	8.70% (Q1) and 8.30% (Q4)
2018-2019	8.30% (Q2), 8.60% (Q3), 8.70% (Q4)
2019-2020	8.70% (Q1), 8.60% (Q2 to Q4)
2020-21	7.40% (Q1 to Q4)

Criteria of Comparison	SCSS	FD Scheme for Senior Citizens
Interest rate	Currently at 7.40%	Varies between different financial institutions and ranges between 5.4% and 6.25%.
Premature Withdrawal	After 1 year (1.5% deduction)	Not allowed
Tax Benefits	Available under Section 80C	Available under Section 80C
Maturity Duration	5 years	5 years

Senior Citizens Saving Scheme (SCSS)

What Is SCSS?

What Are the Features of the Senior Citizens Saving Scheme?

1. Varying Interest Rates

2. Assured Returns

3. Maturity Duration

4. Deposit Limit

5. Account Closure

6. Quarterly Disbursals

7. Nomination Option

What Are the Current Interest Rates for SCSS?

What Are the Benefits of the Senior Citizens Savings Scheme?

Eligibility Criterias to Apply for SCSS

How to Open an SCSS Account?

What Are the Documents Required to Open an SCSS Account?

Senior Citizens’ Savings Scheme Vs Senior Citizens’ Fixed Deposit

Frequently Asked Questions

✓ How many SCSS accounts can an individual open?

✓ For partial withdrawals, will there be any penalty charges?

Other Important Government Schemes

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