Lesson 46 of 53 · Senior Citizens Savings Scheme · 3 min read · Reviewed 29 Oct 2026
Up to ₹30 lakh across all your SCSS accounts, from ₹1,000, for anyone 60 or older (55 for retired civilians who invest within 3 months of their retirement benefits). It runs 5 years, pays interest every quarter, and earned 8.2% a year for Oct–Dec 2026. Interest is taxed at your slab rate.
Open it at 60, or from 55 if retired and investing within 3 months of retirement benefits. NRIs can’t.
Deposit up to ₹30 lakh in all, in multiples of ₹1,000. Interest is paid on 1 Apr, 1 Jul, 1 Oct and 1 Jan.
It runs 5 years and can be extended in blocks of 3 years at the rate on the maturity date.
Key idea: Closing within a year forfeits interest; between 1 and 2 years 1.5% of the deposit is cut, and after that 1%.
Try the short quiz on this page to check what stuck.
The rate on the day you open it applies for the 5 years. The government sets new rates each quarter.
For a senior citizen, only when interest exceeds ₹1 lakh a year.
It is a long-standing 80C item; check the 2025 Act’s Schedule XV with a CA.
For learning only, not investment advice. Built in India by a team that tracks its own money on Reva.