hamburger
×
Digit General Insurance Logo
Powered By Digit
Switch to Digit Insurance

Quick Claim Process

Affordable Premium

Senior Citizens Saving Scheme (SCSS)

What Is SCSS?

What Are the Features of the Senior Citizens Saving Scheme?

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)

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

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

In addition, interest earned on a senior citizens’ fixed deposit can be converted into monthly payments. As a result, it offers a steady income to account holders.

Regardless, the Senior Citizen Savings Scheme is an ideal investment instrument for retired individuals without any significant source of regular income. We hope that this article offered you a thorough understanding of SCSS so that you can opt for it without a hitch.

Frequently Asked Questions