Senior Citizen Savings Scheme (SCSS): Eligibility, Interest Rate & Benefits.
Senior Citizen Savings Scheme (SCSS): Eligibility, Interest Rate & Benefits. Senior Citizens Savings Scheme (SCSS) is a government-backed savings instrument offered to Indian residents aged over 60 years. The deposit matures after 5 years from the date of account opening but can be extended once by an additional 3 years. The SCSS interest rate for April to June 2020 has been set at 7.4%. This is the highest interest rate among the various small savings schemes in India. SCSS is available through Public / Private sector banks and India Post Offices. Being a government-backed savings instrument, the terms and conditions applicable to the SCSS are the same, regardless of the bank/ post office you invest through. Senior Citizens Savings Scheme Interest Rates As of April 2020, the interest rate available on the SCSS account is 7.4% per annum for the first quarter (April to June) of the financial year 2020-2021. This rate of interest is reviewed quarterly by the Ministry of Finance