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Senior Citizen Saving Scheme 2022, SCSS Scheme?

Post Office senior citizen saving scheme (SCSS), The post office runs many special schemes. There are schemes for people of all age groups. If you are planning to invest money in the Corona crisis, then you can become a millionaire in a few years. Investors get interest at the rate of 7.4 percent in the Senior Citizens Savings Scheme of the Post Office. Let us tell you how you can make 14 lakh rupees in just 5 years. scss calculator

Senior Citizen Saving Scheme, SCSSSenior Citizen Saving Scheme (SCSS) is run by the government for the retirees. Senior citizens can invest a lump sum in this scheme either individually or jointly. Senior citizens can get regular income with tax breaks under this scheme. Senior citizens can open SCSS account in any bank or post office in the country. It is one of the safest investment options for senior citizens.

ज्वाइन करे टेलीग्राम ग्रुप

Who can open account ?

Age should be 60 years to open an account in Senior Citizens Savings Scheme (SCSS). Only people aged 60 years or more can open an account in this scheme. Apart from this, those people who have taken VRS (Voluntary Retirement Scheme), those people can also open an account in this scheme.

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In this post office scheme, a person above 60 years of age can open his account. Apart from this, retired citizens between 55 and 60 years can open their account on the condition of investing within 1 month of receiving retirement benefits. Under this scheme, the account can be opened either individually or jointly with the husband or wife.

Senior Citizen Saving Scheme Highlights
Scheme name senior citizen saving scheme
Interest Rate 7.40% per annum (Q3 FY 2021-22)
Tenure 5 years (with an option to extend it for 3 more years)
Benefits Safe and reliable investment
High returns as compared to FD or Savings Account
Tax benefit up to Rs. 1.5 Lakh

Documents required to open SCSS account

Following are the documents required to open SCSS account:

  • Age proof
  • Passport
  • Senior citizen card
  • Birth certificate issued by MC/Gram Panchayat/District Office of the Registrar of Births and Deaths
  • PAN Card
  • Voter I Card
  • Ration Patrika
  • Date of birth certificate from school
  • Driving license.

Account can be opened with Rs.

The minimum amount to open an account in this scheme is Rs 1000. Apart from this, you cannot keep more than a maximum of 15 lakh rupees in this account. Apart from this, if your account opening amount is less than one lakh rupees, then you can also open the account by paying cash. At the same time, to open an account for more than one lakh rupees, you will have to pay a check.

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Who are eligible to join SCSS scheme ?

  • Indian citizens of 60 years of age or more.
  • During the age of 55-60 years, if you have opted for Voluntary Retirement Scheme (VRS), you can invest in this scheme.
  • Any retired defense personnel who has attained the age of 50 years and is below 60 years of age can also invest in the scheme.
  • HUF and NRI are not allowed to invest in SCS scheme.

When do you get interest money ?

Under this scheme, interest is paid on three months. The amount is deposited in the account of the scheme holder on the first day of April, July, October and January in every financial year.

How much interest will you get?

In the Post Office Senior Citizens Savings Scheme, investors get the benefit of interest at the rate of 7.4 percent (compounding). Under this scheme, you can open an account with as little as Rs 1,000.

For how long can

this savings scheme have a maturity period of 5 years, but the customer can also increase this limit according to his wish and need.

Invest a
maximum of 15 lakhs, investors can invest a maximum of 15 lakhs in this scheme. At the same time, if you want to start investing with an amount less than one lakh rupees, then you can also open an account by paying cash. At the same time, if you want to open this account with an amount of more than one lakh rupees, then you have to pay money through cheque.

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How will the fund of 14 lakhs be made?

To make a corpus of 14 lakhs, you have to invest a lump sum of Rs 10 lakhs. Let us tell you that when you invest 10 lakhs, you will get the benefit of compounding interest at the rate of 7.4 percent. That is, when your investment becomes 5 years, then your 10 lakh rupees will be converted into 14,28,964. Here you will get the benefit of Rs 4,28,964 lakh as interest.


Apart from this, you will also get the benefit of tax exemption in this scheme. If your interest amount is Rs 10,000 per annum, then your TDS starts deducting. However, investment in this scheme will continue to get the benefit of exemption under section 80C of the Income Tax Act.

deposit amount

ज्वाइन करे टेलीग्राम ग्रुप

This account can be opened individually or only jointly with the spouse. The minimum amount to open a Senior Citizen Savings Scheme (SCSS) account is Rs 1,000. The maximum investment limit is Rs 15 lakhs individually or jointly.

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time period

The maturity of SCSS is of 5 years. But the account can be extended for a further period of 3 years. The account can be extended within one year of maturity.

premature closure

Accounts can be closed prematurely at any time after opening. If the account is closed before one year, no interest will be paid and if any interest is paid in the account, it will be recovered from the principal. In case of closure of account after two years but before five years, an amount equal to 1% will be deducted from the principal amount.

Eligibility Criteria

Apart from senior citizens of 60 years of age, retired employees above 55 years and below 60 years of age can also apply, provided the investment is made within 1 month of receipt of retirement benefits. The age limit for Defense Employee is above 50 years and below 60 years

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Features of Post Office Senior Citizen Saving Scheme

The scheme has an annual interest rate of 7.4 per cent and has a maturity tenure of five years.
In this scheme, Rupees are deposited in multiples of Rs.1000 and the maximum limit for deposit is Rs.15 lakhs.
As the name suggests, this account can be opened only by a person of 60 or more.
If a person has taken VRS after 55 years and before 60 years, he can also invest in this account. The condition is that he has to open this account within one month of taking retirement benefit. Also, the deposit amount should be the same as what you got during the retirement benefit.
You can open this account alone or jointly. The condition is that the amount should not exceed 15 lakhs. On the other hand, if you deposit an amount less than one lakh rupees, then you can also deposit cash, more than 1 lakh will have to be deposited in the form of cheque.
In this scheme, you also get the facility of nomination.
This account can also be transferred from the branch of the post office to another branch.
Premature closure allowed. But the post office will deduct 1.5% of the deposit only on closing the account after 1 year of account opening, while 1% of the deposit will be deducted after 2 years of closure.
This account can be extended for 3 years after the maturity period is over.
TDS will be deducted if the amount of interest received on this scheme is more than Rs 10 thousand. By the way, you also get exemption in income tax under 80C on investment in this scheme.

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Posted by ROHIT KUMAR

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FAQ Senior Citizen Saving Scheme

When do you get interest money ?

Under this scheme, interest is paid on three months. The amount is deposited in the account of the scheme holder on the first day of April, July, October and January in every financial year.

Who are eligible to join SCSS scheme ?

Indian citizens of 60 years of age or more.
During the age of 55-60 years, if you have opted for Voluntary Retirement Scheme (VRS), you can invest in this scheme.
Any retired defense personnel who has attained the age of 50 years and is below 60 years of age can also invest in the scheme.
HUF and NRI are not allowed to invest in SCS scheme.

Who can open account ?

Age should be 60 years to open an account in Senior Citizens Savings Scheme (SCSS). Only people aged 60 years or more can open an account in this scheme. Apart from this, those people who have taken VRS (Voluntary Retirement Scheme), those people can also open an account in this scheme.

How much interest will you get?

In the Post Office Senior Citizens Savings Scheme, investors get the benefit of interest at the rate of 7.4 percent (compounding). Under this scheme, you can open an account with as little as Rs 1,000.

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