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 8.2%.
- The government has increased the interest rates on small savings schemes by up to 70 basis points for the April-June 2023 quarter. (1 percentage point = 100 basis points).
- Therefor Senior Citizen Savings Scheme (SCSS) interest rate has increased to 8.2 % for April 1, 2023 till June 30, 2023.
Senior Citizen Savings Scheme (SCSS) Interest Rate Historical Data
|Period||Interest Rate (% per annum)|
|01-Apr-2023 to 30-Jun-2023||8.2%|
|01-Jan-2023 to 31-Mar-2023||8.0%|
|01-Oct-2022 to 21-Dec-2022||7.60%|
|01-July-2022 to 30-Sep-2022||7.40%|
|01-Apr-2020 to 30-Jun-2022||7.40%|
|01-Jul-2019 to 31-Mar-2020||8.60%|
|01-Oct-2018 to 30-Jun-2019||8.70%|
|01-Jul-2018 to 30-Sep-2018||8.30%|
|01-Apr-2017 to 30-Jun-2017||8.40%|
|01-Oct-2016 to 31-Mar-2017||8.50%|
|01-Apr-2016 to 30-Sep-2016||8.60%|
|01-Apr-2015 to 31-Mar-2016||9.30%|
|01-Apr-2013 to 31-Mar-2015||9.20%|
|01-Apr-2012 to 31-Mar-2013||9.30%|
|02-Aug-2004 to 31-Mar-2012||9.00%|
SCSS Interest Rate FAQs
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.
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.
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.
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.
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.
A senior citizen can open their SCSS account at the post office or with the prescribed banks.
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.
The SCSS account can be closed at any time after its opening.