{"id":7621,"date":"2025-07-10T12:24:36","date_gmt":"2025-07-10T12:24:36","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/?post_type=glossary&#038;p=7621"},"modified":"2025-07-10T12:24:39","modified_gmt":"2025-07-10T12:24:39","slug":"senior-citizen-savings-scheme-scss","status":"publish","type":"glossary","link":"https:\/\/lemonn.co.in\/blog\/glossary\/senior-citizen-savings-scheme-scss\/","title":{"rendered":"Senior Citizen Savings Scheme (SCSS)"},"content":{"rendered":"<p>The <strong><a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/senior-citizen-savings-scheme-scss\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Senior Citizen Savings Scheme (SCSS)<\/a><\/strong> is a special savings plan for people aged 60 and above. It&#x2019;s one of the safest and most rewarding ways for seniors in India to earn regular income after retirement.<\/p>\n\n\n\n<h3 id=\"interest-rate-for-scss-in-2025\" class=\"wp-block-heading\"><strong>Interest Rate for SCSS in 2025<\/strong><\/h3>\n\n\n\n<p>As of <strong>July&#x2013;September 2025<\/strong>, the <strong>SCSS interest rate is 8.2% per year<\/strong>.<\/p>\n\n\n\n<p>This means if a senior deposits &#x20B9;1 lakh, they&#x2019;ll earn &#x20B9;8,200 per year as interest.<br>The interest is paid <strong>every 3 months<\/strong>, directly to the person&#x2019;s bank account.<\/p>\n\n\n\n<p>The interest rate is set by the <strong>Government of India<\/strong> and reviewed every quarter.<\/p>\n\n\n\n<h3 id=\"eligibility-for-scss\" class=\"wp-block-heading\"><strong>Eligibility for SCSS<\/strong><\/h3>\n\n\n\n<p>You can open an SCSS account if you are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>60 years or older<\/strong><\/li>\n\n\n\n<li><strong>Retired government or defe<a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/nse\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>nse<\/a> employee<\/strong> aged 55&#x2013;60 (conditions apply)<\/li>\n\n\n\n<li>An Indian resident (NRIs and HUFs are not allowed)<\/li>\n<\/ul>\n\n\n\n<h3 id=\"key-features-of-scss\" class=\"wp-block-heading\"><strong>Key Features of SCSS<\/strong><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Safe and Government-Backed<\/strong><br>Your money is completely safe since this scheme is run by the Government of India.<\/li>\n\n\n\n<li><strong>Attractive Interest Rate<\/strong><br>8.2% is much higher than regular savings or <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/fixed-deposit\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">fixed deposit<\/a>s.<\/li>\n\n\n\n<li><strong>Quarterly Payouts<\/strong><br>Interest is paid every 3 months, providing regular income for seniors.<\/li>\n\n\n\n<li><strong>Investment Limit<\/strong>\n<ul class=\"wp-block-list\">\n<li>Minimum: &#x20B9;1,000<\/li>\n\n\n\n<li>Maximum: &#x20B9;30 lakh (as of 2025)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Account Duration<\/strong><br>The account runs for <strong>5 years<\/strong>, with an option to extend it for <strong>3 more years<\/strong>.<\/li>\n\n\n\n<li><strong><a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/tax\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>Tax<\/a> Benefits<\/strong><br>You can claim up to &#x20B9;1.5 lakh under <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/section-80c\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Section 80C<\/a>.<br>However, if your interest exceeds &#8377;50,000 per year, <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/tds\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>TDS<\/a> (tax) may be deducted.<\/li>\n<\/ol>\n\n\n\n<h3 id=\"how-to-open-an-scss-account\" class=\"wp-block-heading\"><strong>How to Open an SCSS Account<\/strong><\/h3>\n\n\n\n<p>You can open it at:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Any post office<\/li>\n\n\n\n<li>Most public and private banks<\/li>\n<\/ul>\n\n\n\n<p>Just carry your <strong><a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/pan-card\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">PAN card<\/a><\/strong>, <strong>Aadhaar card<\/strong>, age proof, and a passport-size photo.<\/p>\n\n\n\n<h3 id=\"real-life-example\" class=\"wp-block-heading\"><strong>Real-Life Example<\/strong><\/h3>\n\n\n\n<p>Ramesh, a 65-year-old retiree, invests &#x20B9;15 lakh in SCSS. Every 3 months, he receives around &#x20B9;30,750 as interest. This regular income helps him manage his household <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/expense\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">expenses<\/a> comfortably.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Senior Citizen Savings Scheme (SCSS) is a special savings plan for people aged 60 and above. It&#x2019;s one of the safest and most rewarding ways for seniors in India to earn regular income after retirement. Interest Rate for SCSS in 2025 As of July&#x2013;September 2025, the SCSS interest rate is 8.2% per year. This [&#x2026;]<\/p>\n","protected":false},"author":9,"featured_media":0,"menu_order":0,"template":"","meta":{"footnotes":""},"class_list":["post-7621","glossary","type-glossary","status-publish","hentry"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/types\/glossary"}],"author":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/users\/9"}],"version-history":[{"count":1,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7621\/revisions"}],"predecessor-version":[{"id":7622,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7621\/revisions\/7622"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=7621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}