{"id":7705,"date":"2025-07-11T12:11:51","date_gmt":"2025-07-11T12:11:51","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/?post_type=glossary&#038;p=7705"},"modified":"2025-07-11T12:11:57","modified_gmt":"2025-07-11T12:11:57","slug":"sbi-senior-citizen-savings-scheme-scss","status":"publish","type":"glossary","link":"https:\/\/lemonn.co.in\/blog\/glossary\/sbi-senior-citizen-savings-scheme-scss\/","title":{"rendered":"SBI Senior Citizen Savings Scheme (SCSS)"},"content":{"rendered":"<p>The <strong><a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/sbi-senior-citizen-savings-scheme-scss\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">SBI Senior Citizen Savings Scheme (SCSS)<\/a><\/strong> is a government-backed savings plan tailored for individuals aged 60 and above, offering a secure investment avenue with attractive returns.<\/p>\n\n\n\n<h2 id=\"sbi-scss-key-features\" class=\"wp-block-heading\">SBI SCSS: Key Features<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Interest Rate<\/strong>: 8.20% per annum, payable quarterly.<\/li>\n\n\n\n<li><strong>Investment Tenure<\/strong>: 5 years, extendable by 3 years.<\/li>\n\n\n\n<li><strong>Deposit Limits<\/strong>: Minimum &#x20B9;1,000; Maximum &#x20B9;30 lakhs, in multiples of &#x20B9;1,000.<\/li>\n\n\n\n<li><strong>Account Type<\/strong>: Single or joint (with spouse).<\/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>: Eligible for deductions 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> of the <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/income-tax-act\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Income Tax Act<\/a>, up to &#x20B9;1.5 lakhs.<\/li>\n\n\n\n<li><strong>Interest Taxation<\/strong>: Interest earned is taxable; <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> applies if interest exceeds &#8377;50,000 annually.<\/li>\n\n\n\n<li><strong>Premature Withdrawal<\/strong>: Permitted with penalties:\n<ul class=\"wp-block-list\">\n<li>Before 1 year: No interest payable.<\/li>\n\n\n\n<li>After 1 year but before 2 years: 1.5% of deposit deducted.<\/li>\n\n\n\n<li>After 2 years: 1% of deposit deducted.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 id=\"eligibility-criteria\" class=\"wp-block-heading\">Eligibility Criteria<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Age<\/strong>:\n<ul class=\"wp-block-list\">\n<li>60 years or above.<\/li>\n\n\n\n<li>55&#x2013;60 years for individuals who have opted for Voluntary Retirement Scheme (VRS) or superannuation, provided the account is opened within one month of retirement benefits receipt.<\/li>\n\n\n\n<li>50&ndash;60 years for retired 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> personnel, subject to the same condition as above.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Residency<\/strong>: Must be an Indian resident.<\/li>\n\n\n\n<li><strong>Exclusions<\/strong>: Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not eligible.<\/li>\n<\/ul>\n\n\n\n<h2 id=\"how-to-open-an-sbi-scss-account\" class=\"wp-block-heading\">How to Open an SBI SCSS Account<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Visit<\/strong>: Your nearest SBI branch.<\/li>\n\n\n\n<li><strong>Application<\/strong>: Fill out Form A (available at the branch or SBI website).<\/li>\n\n\n\n<li><strong>Documents Required<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Proof of Identity (e.g., <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>, Aadhaar).<\/li>\n\n\n\n<li>Proof of Address (e.g., utility bill, Aadhaar).<\/li>\n\n\n\n<li>Proof of Age (e.g., birth certificate, PAN card).<\/li>\n\n\n\n<li>Passport-sized photographs.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Deposit<\/strong>: Submit the investment amount via cash (up to &#x20B9;1 lakh) or cheque\/demand draft (above &#x20B9;1 lakh).<\/li>\n<\/ol>\n\n\n\n<h2 id=\"interest-payout-schedule\" class=\"wp-block-heading\">Interest Payout Schedule<\/h2>\n\n\n\n<p>Interest is credited quarterly on the first working day of:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>April<\/li>\n\n\n\n<li>July<\/li>\n\n\n\n<li>October<\/li>\n\n\n\n<li>January<\/li>\n<\/ul>\n\n\n\n<h2 id=\"summary\" class=\"wp-block-heading\">Summary<\/h2>\n\n\n\n<p>The SBI SCSS is a prudent choice for senior citizens seeking a safe investment with regular income. Its government backing, attractive interest rate, and tax benefits make it a compelling option for retirement planning.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SBI Senior Citizen Savings Scheme (SCSS) is a government-backed savings plan tailored for individuals aged 60 and above, offering a secure investment avenue with attractive returns. SBI SCSS: Key Features Eligibility Criteria How to Open an SBI SCSS Account Interest Payout Schedule Interest is credited quarterly on the first working day of: Summary The [&#x2026;]<\/p>\n","protected":false},"author":9,"featured_media":0,"menu_order":0,"template":"","meta":{"footnotes":""},"class_list":["post-7705","glossary","type-glossary","status-publish","hentry"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7705","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\/7705\/revisions"}],"predecessor-version":[{"id":7706,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7705\/revisions\/7706"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=7705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}