1. What is the current SBI SCSS interest rate?

The SBI SCSS interest rate is 8.20% p.a. for the July to September 2026 quarter. The rate applicable when the deposit is opened remains fixed for its tenure. The Government of India reviews the interest rates of small savings on a quarterly basis.

2. How much quarterly interest can ₹30 lakh earn under SBI SCSS?

SBI Senior Citizen Savings Scheme deposit of ₹30 lakh at the rate of 8.20% p.a. earns ₹2.46 lakh annually or ₹61,500 quarterly before tax. The interest is paid quarterly and is not added to the deposit. An SCSS calculator can be used to estimate the quarterly and annual interest on the basis of deposit amount and applicable rate.

3. What is the minimum amount required to open an SBI SCSS account?

SBI SCSS account minimum deposit is ₹1,000. Additional deposits should be made in multiples of ₹1,000, subject to an overall ceiling of ₹30 lakh across all accounts maintained by an account holder under the same plan.

4. Can a 55-year-old open an SBI SCSS account?

An SBI SCSS account may be opened by a person aged 55 years or more but less than 60 years who has retired on superannuation or otherwise, subject to the appropriate restrictions. In general, you must open the account within 3 months after you get retirement payments and you must provide proof.

5. Can Defence personnel open an SBI SCSS account before 60?

Yes. Retired personnel of the Defence Services may be eligible to open an SBI SCSS account from the age of 50 years, subject to the applicable scheme conditions. This lower age threshold does not apply to civilian Defence employees, who remain subject to the general eligibility rules.

6. How long does an SBI SCSS account remain active?

The maturity duration of an SBI Senior Citizen Savings Scheme account is 5 years from the date of opening. The account can be extended for a further period of 3 years by submitting Form-B to the deposit office within one year from the date of maturity.

7. What happens if an SBI SCSS account is closed before maturity?

Premature closure is permitted subject to applicable conditions. If closed before 1 year, interest already paid is recovered from the deposit. Closure after 1 year but before 2 years is subject to 1.5% deduction while closure after 2 years is subject to 1% deduction.

8. Can both spouses invest ₹30 lakh each in the SBI SCSS account?

Yes, eligible spouses can have separate SCSS accounts, as well as open joint accounts with each other. Each qualified spouse can contribute up to ₹30 lakh according to scheme terms. In a joint account the total deposit is credited to the first account holder.

SBI Senior Citizen Savings Scheme

The State Bank of India (SBI) offers the Senior Citizen Savings Scheme (SCSS) as a government-backed savings option for eligible senior citizens. The scheme has a five-year tenure, allows quarterly interest payouts and permits deposits of up to ₹30 lakh. SBI also allows SCSS accounts to be opened at any of its branches.

Peaceful Post-Retirement Life
Tax Free Regular Income
Wealth Generation to beat Inflation

4.8⁺⁺ Rated
15.8 Crore Registered Consumer
53 Partners Insurance Partners
7.16 Crore Policies Sold

We are rated⁺⁺

15.8 Crore

Registered Consumer

Insurance Partners

7.16 Crore

Policies Sold

In-Built life cover

Invest ₹10K/month & Build a Corpus of

₹1 Crore^*

Your Name

+91

Mobile Number

Your personal information is secure with us

By continuing you agree to receive assistance and agree to our Privacy Policy, Terms of Use

Overview of SBI Senior Citizen Savings Scheme

SBI Senior Citizen Savings Scheme (SCSS) allows eligible senior citizens to invest up to ₹30 lakh and receive interest quarterly. The duration of the account is 5 years extendable by 3 years. The account can be opened with a minimum deposit of ₹1,000 and in multiples of ₹1,000. The Government of India sets the SCSS interest rate, which is then revised every three months.

Key Features of SBI SCSS

SBI Senior Citizen Savings Scheme has the following features:

Interest Rate: The rate at which the account is opened remains fixed during the tenure of the deposit. The Government of India reviews small savings interest rates every quarter.
Interest Payout: Interest is payable on a quarterly basis. No further interest will be credited on interest not claimed.
Joint Account: An SCSS account can be opened either singly or jointly with a spouse. If it is a joint account, the entire deposit is credited to the first account holder.
Nomination: Up to four nominees can be registered. Nomination can be changed or canceled during the tenure of the account.
Premature Closure: If the account is closed before one year, the interest already paid is recovered from the deposit. If closed after one year but before two years, 1.5% of the deposit is deducted. If closed on or after two years, 1% of the deposit is deducted.
Spouse Accounts: All eligible account holders can have individual or joint accounts with eligibility and a maximum amount of ₹30 lakh for each eligible account holder.
Withdrawals: Partial withdrawals are not permitted. Premature closure is allowed subject to the applicable conditions and penalties.

Eligibility to Open SCSS at SBI

The eligibility criteria for opening an SCSS account at SBI are as follows:

Individuals aged 60 years or above on the date of opening the account.
Individuals aged 55 years or above but below 60 years who have retired on superannuation or otherwise may open an account, subject to the applicable conditions.
Retired personnel of the Defence Services may open an account from the age of 50 years, subject to the applicable rules.
An SCSS account may be opened individually or jointly with a spouse.
Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not eligible to open an SCSS account.
For eligible retirees aged 55 years or above but below 60 years, the account must be opened within three months of receiving retirement benefits. Proof of the date of disbursal of retirement benefits is also required.
Aadhaar and PAN are necessary for opening an SCSS account as part of the KYC requirements subject to applicable KYC rules.

Invest More Get More

Invest ₹10K/Month YOU GET ₹1.5 LAKHS^* MONTHLY PENSION View Plans

Invest ₹7K/Month YOU GET ₹1 LAKHS^* MONTHLY PENSION View Plans

Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION View Plans

standard T&C Apply *

Tax Implications of Senior Citizen Savings Scheme

Deposits in the SCSS are eligible for deduction up to ₹1.5 lakh under Section 123 read with Schedule XV of the Income-tax Act, 2025, subject to the applicable criteria and aggregate deduction limit. Under the new tax regime no deduction will be allowed. SCSS interest is taxable and will be added to your taxable income at the applicable tax rate. The interest may also be subject to Tax Deducted at Source (TDS) as per the threshold and procedures set forth under the Income-tax Act, 2025.

SCSS vs Other Investment Options at SBI

SBI offers a range of saving and investment options such as Fixed Deposits (FDs) and Public Provident Fund (PPF). The Senior Citizens Savings Scheme is mostly targeted at senior folks who need to get a regular income from interest. SBI FD can be selected for varied tenures and payout criteria, while PPF is a long term savings scheme with a tenure of 15 years. The option depends on the investor’s age, income requirements, term selected and the type of returns preferred.

FAQs

1. What is the current SBI SCSS interest rate?

The SBI SCSS interest rate is 8.20% p.a. for the July to September 2026 quarter. The rate applicable when the deposit is opened remains fixed for its tenure. The Government of India reviews the interest rates of small savings on a quarterly basis.
2. How much quarterly interest can ₹30 lakh earn under SBI SCSS?

SBI Senior Citizen Savings Scheme deposit of ₹30 lakh at the rate of 8.20% p.a. earns ₹2.46 lakh annually or ₹61,500 quarterly before tax. The interest is paid quarterly and is not added to the deposit. An SCSS calculator can be used to estimate the quarterly and annual interest on the basis of deposit amount and applicable rate.
3. What is the minimum amount required to open an SBI SCSS account?

SBI SCSS account minimum deposit is ₹1,000. Additional deposits should be made in multiples of ₹1,000, subject to an overall ceiling of ₹30 lakh across all accounts maintained by an account holder under the same plan.
4. Can a 55-year-old open an SBI SCSS account?

An SBI SCSS account may be opened by a person aged 55 years or more but less than 60 years who has retired on superannuation or otherwise, subject to the appropriate restrictions. In general, you must open the account within 3 months after you get retirement payments and you must provide proof.
5. Can Defence personnel open an SBI SCSS account before 60?

Yes. Retired personnel of the Defence Services may be eligible to open an SBI SCSS account from the age of 50 years, subject to the applicable scheme conditions. This lower age threshold does not apply to civilian Defence employees, who remain subject to the general eligibility rules.
6. How long does an SBI SCSS account remain active?

The maturity duration of an SBI Senior Citizen Savings Scheme account is 5 years from the date of opening. The account can be extended for a further period of 3 years by submitting Form-B to the deposit office within one year from the date of maturity.
7. What happens if an SBI SCSS account is closed before maturity?

Premature closure is permitted subject to applicable conditions. If closed before 1 year, interest already paid is recovered from the deposit. Closure after 1 year but before 2 years is subject to 1.5% deduction while closure after 2 years is subject to 1% deduction.
8. Can both spouses invest ₹30 lakh each in the SBI SCSS account?

Yes, eligible spouses can have separate SCSS accounts, as well as open joint accounts with each other. Each qualified spouse can contribute up to ₹30 lakh according to scheme terms. In a joint account the total deposit is credited to the first account holder.

Calculators

Show More Calculator

Pension Calculator

How much do you need to save for retirement?

Enter your age (in years)

₹ What is your current monthly expense?

₹ 20,000

₹ 25,000

₹ 30,000

You want to start pension from which age?

Calculate

For a monthly pension of ₹77,300
you need to invest

₹14,300/month

Calculated as per past performance of 15%

Recalculate?

Pension Plans Articles

Explore the popular searches and stay informed

˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.