December 28, 2023Anmol Nagpal

Senior citizen savings scheme account, all you need to know

Senior Citizen Savings Scheme account is a regular savings account for senior citizens, it is, in fact, a government-backed savings scheme in India.

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The SCSS presents an annual interest rate of 8.20 per cent

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To qualify for the SCSS, you need to be an Indian citizen aged 60 years or older.

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Process of opening an SCSS account

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Visit a bank branch where you already maintain a savings account or any other bank where you don't have an existing savings account. Individuals can also visit any nearby post office.

Source: ANI

Complete the SCSS application form, which is available at your selected bank or post office.

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Submit KYC documents, including proof of identity, address, and age verification documents such as PAN card, Aadhaar card, etc.

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Initiate the initial deposit, with a minimum requirement of ₹1,000 and a maximum limit now extended to ₹30 lakh.

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Benefits of SCSS

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One-time investment

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Increased deposit limit (from 15 Lakh to Rs 30 Lakh now).

Source: Republic

Regular income

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Government backing and safety

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