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This Govt Scheme Offers 7.4% Returns Amid Record Low Interest Rates. Details Here

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Senior citizens often depend on banks FDs for a regular income after retirement. During these difficult times of Covid-19 pandemic, where central banks across the world have cut interest rates to save their economies from falling into recession, it is important to have an scheme that is beneficial and provide better returns. One attractive investment option for the elderly population, including people who are 60 or above, is the Senior Citizens Savings Scheme.

Senior Citizens Saving Scheme (SCSS) is a government-backed retirement benefits scheme. Elderly people in India can deposit a large sum in the programme, either individually or collectively, and get regular income. The Senior Citizens Savings Scheme provides an annual return rate of 7.4 per cent.


The Senior Citizens Savings Scheme is available to everyone over the age of 60. Those who have reached the age of 55 but are under the age of 60 can also create accounts under this plan if they have chosen voluntary retirement. This incentive is also available to retired military members over the age of 50.

Minimum Balance 

A minimum deposit of Rs 1,000 is required to start an account under this system. The maximum can be raised to Rs 15 lakh. The amount deposited in the account should be in multiples of Rs 1,000. In addition to individual accounts, banks within the Senior Citizens Savings Scheme allow you to create joint bank accounts with your spouse.

Interest rate

The Senior Citizens Savings Scheme gives the highest rate of interest at 7.4% among the many modest savings schemes. Quarterly, the Finance Ministry reviews the interest rate. The interest is paid on the first business day of April, July, October, and January, each year.


Accounts created under the Senior Citizens Savings Scheme have a five-year term. After the account matures, it can be extended for additional three years.

Premature closure:

If an account is closed after one year but before the end of two years, a penalty of 1.5 per cent of the amount will be deducted. If the account is closed after two years, a 1 per cent penalty is imposed.

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