A robust and safe scheme designed for seniors To earn long term savings.

  • Benefits
  • Features

Senior Citizen Savings Scheme : Benefits

  • Depositors receive interest every quarter
  • High rate of interest
  • Guaranteed returns
  • Nomination facility available

Senior Citizen Savings Scheme : Features

Eligibility

  • Senior citizens aged 60 years and above are eligible for this scheme. The scheme is also applicable to retired individuals above 55 years of age under voluntary or special voluntary scheme and 50 years for the retired personnel of defence services (excluding civil defence employees).

Rate of interest

  • Account holders can earn interest at the rate of 8% (01.01.2023 to 31.03.2023) on their deposits. The interest is payable on a quarterly basis and is fully taxable.

Minimum and maximum deposit limit

  • The account shall be opened with a minimum deposit of Rs. 1,000 or any sum in multiples of Rs. 1,000 not exceeding Rs. 15,00,000.

Tenure

  • The tenure of the deposit is 5 years and can be further extended by 3 years.

Premature withdrawal

  • The account holder may withdraw the deposit and close the account at any time subject to the certain conditions.

Nomination facility

  • Depositors may appoint a nominee or nominees under this scheme.

Account renewal

  • The account can be extended for 3 years only once after the completion of 5 years’ term.
Request Callback

Please fill in these details, so we can call you back and assist you.

Select Government Deposit Schemes Type
  • Senior Citizen Savings Scheme

Thank you [Name] for showing interest in Bank of Baroda. Your details has been recorded and our executive will contact you soon.

Frequently Asked Questions (FAQs)

  • What is Senior Citizen Savings Scheme?

    Senior Citizen Savings Scheme (SCSS) is a government-sponsored savings instrument launched in 2004, intending to provide senior citizens with a steady and secure source of income for their post-retirement life. .

  • Which saving scheme is best for senior citizens?

    SCSS (Senior Citizen Savings Scheme) is best for senior citizens

  • Is SCSS interest rate fixed for 5 years?

    Yes, SCSS interest rate is fixed for 5 years

  • Is senior citizen saving scheme interest tax free?

    No, senior citizen saving scheme interest tax is not free

  • Can I invest more than 15 lakhs in SCSS?

    No, the account shall be opened with a minimum deposit of one thousand rupees or any sum in multiples of one thousand rupees not exceeding fifteen lakh rupees.

  • Can I invest every year in SCSS?

    There shall be only one deposit in the account, maximum up to 15.00 lakhs.

  • Can I deposit multiple times in SCSS?

    There shall be only one deposit in the account, maximum up to 15.00 lakhs.

  • What is current interest rate in senior citizen saving scheme?

    Current interest rate in senior citizen saving scheme is 7. 6% (Q-3 from 1st Oct to 31st Dec)

  • What will be the share of the joint account holder in the deposit in an account?

    The whole amount of deposit in a joint account shall be attributable to the first account holder only.

  • Can both the spouses open separate accounts?

    Yes, both the spouses can open separate accounts.

  • Any minimum limit has been prescribed for deduction of tax at source?

    TDS is applicable above interest amount of Rs. 50000.

  • Is premature withdrawal of the deposits from the accounts under the SCSS, permitted?

    Yes, premature withdrawal of the deposits from the accounts under the SCSS is permitted.

  • Are Non-resident Indians, Persons of Indian Origin and Hindu Undivided Family eligible to invest in the SCSS, 2004?

    No, Non-resident Indians, Persons of Indian Origin and Hindu Undivided Family are not eligible to invest in the SCSS, 2004.

  • Can an account be transferred from one deposit office to another?

    Yes, account can be transferred from one deposit office to another.

  • Can an SCSS account be extended?

    Yes. It can be extended for 3 years.

  • What documents must be submitted when opening a senior citizen savings scheme account?

    The documents required for opening a senior citizen's savings scheme account are Application form, KYC, Retirement proof, if account is opened before completion of 60 years of age etc.

Add this website to home screen

Are you Bank of Baroda Customer?

This is to inform you that by clicking on continue, you will be leaving our website and entering the website/Microsite operated by Insurance tie up partner. This link is provided on our Bank’s website for customer convenience and Bank of Baroda does not own or control of this website, and is not responsible for its contents. The Website/Microsite is fully owned & Maintained by Insurance tie up partner.


The use of any of the Insurance’s tie up partners website is subject to the terms of use and other terms and guidelines, if any, contained within tie up partners website.


Proceed to the website


Thank you for visiting www.bankofbaroda.in

X
We use cookies (and similar tools) to enhance your experience on our website. To learn more on our cookie policy, Privacy Policy and Terms & Conditions please click here. By continuing to browse this website, you consent to our use of cookies and agree to the Privacy Policy and Terms & Conditions.