SCSS Interest Rate History 2004 to 2022

SCSS aka Senior Citizen Savings Scheme is a no risk, fixed income investment plan for senior citizens. Invest a lump sum amount in the scheme and enjoy a regular benefit till maturity. Current SCSS interest rate is 7.4% per annum.

Senior Citizen Savings Scheme Interest Rate - Paisa kaudi
Senior Citizen Savings Scheme Interest Rate – Paisa kaudi

Senior Citizen Savings Scheme (SCSS) Interest Rate Historical Data

PeriodInterest Rate (% per annum)
01-Apr-2020 to 30-Jun-20227.40%
01-Jul-2019 to 31-Mar-20208.60%
01-Oct-2018 to 30-Jun-20198.70%
01-Jul-2018 to 30-Sep-20188.30%
01-Apr-2017 to 30-Jun-20178.40%
01-Oct-2016 to 31-Mar-20178.50%
01-Apr-2016 to 30-Sep-20168.60%
01-Apr-2015 to 31-Mar-20169.30%
01-Apr-2013 to 31-Mar-20159.20%
01-Apr-2012 to 31-Mar-20139.30%
02-Aug-2004 to 31-Mar-20129.00%
Senior Citizen Savings Scheme Interest Rate History – Paisa kaudi

SCSS News : Senior Citizen Savings Scheme (SCSS) will continue to carry an annual interest rate of 7.4 %

SCSS Interest Rate FAQs

What is the Senior Citizen Savings Scheme (SCSS)?

Senior Citizen Savings Scheme is the safe retirement benefit program by the Government of India. You invest a lump sum amount and get a regular income with tax benefits as well.

How interest is paid in SCSS?

Interest earned on deposits under SCSS is paid on a quarterly basis. If the account holder doesn’t claim the interest amount, such interest does not earn any additional interest.

Who is eligible for the Senior Citizen Savings Scheme?

Senior citizens of India aged 60 years and above. Citizens opted for Voluntary retirement or superannuation with 55 to 60 years of age and retired defense personnel between 50 to 60 years of age can invest in SCSS.

Can I open multiple SCSS accounts?

You can open multiple SCSS accounts in your name or jointly with a spouse (Senior citizen). But the total investment in all the accounts should not exceed Rs. 15 lakhs.

Does SCSS have tax benefits?

SCSS offers a tax benefit of maximum 1.5 lakhs of investment under section 80C of the income tax act. However the interest is taxable if the total interest in all SCSS accounts in a financial year is more than Rs. 50,000.

Where to open SCSS accounts?

A senior citizen can open their SCSS account at the post office or with the prescribed banks.

What is the maturity period of an SCSS account?

The maturity period for SCSS is 5 years. However the account holder can apply for extension of maturity period for more than 3 years within one year of the maturity of the account.

Is premature withdrawal of the SCSS allowed?

The SCSS account can be closed at any time after its opening.

Official WebsiteClick Here
PPF interest rates history since inceptionClick Here
SSY interest rates history 2014 to 2022Click Here
NSC interest rates history 1989 to 2022Click Here
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