What makes senior citizen saving scheme unique?

Every Indian citizen is entitled to receive benefits from the Government, banks, and other financial institutes, irrespective of their age, caste, creed, gender, religion, class, etc. According to the Indian constitution, every person should be given equal treatment without any biasedness. It is essential to keep the people united to progress together.

Senior citizens are also a part of the nation and should receive the desired benefits. They have worked all their lives to support families, and now it is their time to enjoy. The Senior Citizen Saving Scheme sponsored by the Indian Government is for those individuals who are above 60 years. Launched in 2004, the scheme aims to offer senior citizens a steady and secure income after retirement.

It is the most attractive schemes and offers substantial returns to all those who have subscribed to it. The interest rates for the programme were 8.6 per cent from January 2020 to March 2020. Since it is a government-aided scheme, the capital loss risk is minimal. You can apply for SCSS by visiting post offices or even public and private banks.


The scheme holds some importance for Indian citizens. It promotes welfare and fulfils their ambitions. The reasons why the SCSS scheme is so unique and reliable are –

Interest rates revision

The interest rates offered to get revised every three months, and the derivation depends on varied factors like ongoing rates in the market, inflation level, etc. If the economy remains stagnant, the interest rates do not change despite revision.

Fixed income

The interest rate declared during investments remains fixed until maturity without getting affected by the alterations in the later quarters.

Minimum and maximum deposit

The maximum deposit you are eligible to make is INR 15 lakh, and the minimum is INR 1,000. This clause applies to all individuals and joint accounts. One can open a joint account with the spouse. If you open multiple accounts, the total amount deposited in all should not exceed the maximum limit.

Maturity tenure

The maturity period for the Senior Citizen Saving Scheme is five years and extendible by three years. You require form B for the same. An extension is allowed only once. However, interest rates applicable at that quarter applies.

You can apply for SCSS either online through authorised Government portals or visit the bank branches personally with the necessary ID, address proofs, and Aadhaar primarily.

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