Bank of Baroda Senior Citizens Savings Scheme is a specialised savings scheme for senior citizens in India. It ensures regular income through a higher rate of interest and is ideal for individuals looking for safe investment options. The BoB Senior Citizen Savings Scheme provides guaranteed returns, ensuring a financially secure retirement.
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What is the Senior Citizen Saving Scheme by Bank of Baroda?
Bank of Baroda Senior Citizen Savings Scheme is a government-backed savings scheme designed specifically for senior citizens aged 60 years and above. It allows senior citizens to invest a lump sum amount and earn a fixed interest rate, which is paid out quarterly. This ensures financial stability in your non-income years.
Features and Benefits of Bank of Baroda SCSS
Bank of Baroda Senior Citizen Savings Scheme is one of the most safe investment options. Some of its main features include:
Higher Returns: The Bank of Baroda Senior Citizens Savings Scheme offers higher interest rates as compared to savings account, fixed deposit account etc.
Investment Limit: As per Senior Citizens Savings Scheme, the minimum deposit amount is Rs. 1,000, and the maximum deposit amount is Rs. 30 lakh. Deposits can be made in multiples of Rs. 1,000.
Tenure: The tenure of the Senior Citizen Savings Scheme Bank of Baroda is 5 years, which can be extended for another 3 years once the initial 5-year term matures.
Interest Paid: The interest is paid on a quarterly basis to the depositors.
Premature Withdrawal: Premature withdrawal of the deposit is allowed after the completion of one year, subject to certain conditions and penalties as per the applicable rules.
Nomination: The account holder can nominate one or more persons to receive the proceeds of the account in case of the account holder's demise.
Single/Joint Account: The Senior Citizen Saving Scheme Bank of Baroda can be opened as a single account or a joint account with a spouse. In case of a joint account, only the first account holder (the primary applicant) should be a senior citizen.
Eligibility Criteria of Senior Citizen Savings Scheme by Bank of Baroda
The general eligibility criteria for this scheme are as follows:
The candidate/s must be a resident of India.
Senior Citizens who are 60 years or above.
IRetired/ VRS/ Superannuation Employee/s of 55 years or above.
Retired personnel from the Defense Services who have reached the age of 50.
Note: Non-Resident Indians, Persons of Indian Origin, and members of a Hindu Undivided Family are not eligible for the SCSS.
How to Apply for Bank of Baroda Senior Citizen Savings Scheme?
The Bank of Baroda Senior Citizen Scheme allows for the opening of an account through both online and offline methods.
To apply for the Senior Citizen Savings Scheme Bank of Baroda, you can follow the steps outlined below:
Check Eligibility: Ensure you meet the eligibility criteria for the scheme.
Gather Documents: Collect age proof, identity proof, and address proof documents.
Get Form A: Request and fill out Form A, the application form for the scheme. The form can be downloaded online or you can visit the branch and get the form.
Attach Documents: Attach photocopies of required documents to Form A.
Submit Application: Submit the completed Form A with documents to the bank branch.
Deposit Amount: Deposit the required amount in cash or cheque.
Get Acknowledgement: Receive an acknowledgement receipt for your application.
Interest Rates for Bank of Baroda Senior Citizen Saving Scheme
For this quarter of the financial year 2025-26 (April to September), the current rate of interest offered on the scheme is 8.2%.
The table provided below presents the historical data showcasing the interest rates offered for the savings scheme during the previous quarters:
Year
Rate of Interest(%)
Jul 01, 2019 - Mar 31, 2020
8.60
Apr 01, 2020 - Sep 30, 2022
7.40
Oct 01, 2022 - Dec 31, 2022
7.60
Jan 01, 2023 - Mar 31, 2023
8.00
Apr 01, 2023 - Mar 31, 2024
8.20
Apr 01 2024 - Jul 31, 2024
8.20
Aug 01, 2024- Mar 31, 2025
8.20
Apr 01, 2025 to Sep 30, 2025
8.20
Documentation Required to Open Bank of Baroda SCSS Account
To open a Senior Citizen Saving Scheme account with Bank of Baroda, you would typically need to provide the following documentation:
Age proof
Identity proof
Address proof
Passport-size photographs
SCSS account opening form
Nomination form
Retirement proof
Bank details for interest payout
Bank of Baroda Senior Citizen Savings Scheme vs Fixed Deposit
Here's a comparison between Senior Citizen Savings Scheme Bank of Baroda and Fixed Deposit:
Feature
Senior Citizen Saving Scheme Bank of Baroda
Bank of Baroda Fixed Deposit
Eligibility
Individuals aged 60 years or above
Individuals of all ages
Tenure
5 years
7 days to 10 years
Interest Rate
8.20%
3.00%-7.05%
Interest Payment
Quarterly
Quarterly or at maturity
Premature Withdrawal
After 1 year (1.5% charge)
1.5% on applicable interest rate
Nomination Facility
Available
Available
Tax Benefits of Bank of Baroda Senior Citizen Savings Scheme
The investment amount in the ICICI Bank Senior Citizen Saving Scheme (SCSS) is eligible for a tax deduction of up to Rs. 1.5 lakh. It is as per tax deductions under Section 80C of the Income Tax Act of 1961.
Interest earned on the Senior Citizen Saving Scheme Bank of Baroda is taxable as per the Income Tax Act, 1961. Tax Deducted at Source (TDS) is applicable if the interest earned exceeds the specified threshold limit.
If the annual interest income from your SCSS account exceeds Rs. 50,000, TDS will be applicable.
For individuals less than 60 years of age, if the annual interest income from your SCSS account exceeds Rs. 10,000, TDS will be applicable.
For Tax Exemption, submit Form 15H with ITR (if taxable income falls within basic tax exemption limits)
Tax laws are subject to change.
Wrapping It Up!
The Senior Citizen Saving Scheme provides a safe and secure investment avenue for senior citizens, allowing them to enjoy financial stability and peace of mind. It also serves as a testament to the bank's commitment to supporting the elderly population and promoting financial inclusion among senior citizens.
FAQs
What is the interest rate of the Bank of Baroda senior citizen scheme?
For the quarter of the financial year 2024-25 (April to September), the current rate of interest offered on the scheme is 8.2%.
Can a nomination be cancelled or changed in Bank of Baroda Senior Citizens Savings Scheme?
Yes, the Nomination made by the depositor may be cancelled or varied by submitting a fresh nomination in Form-10 to the deposit office where the account is being maintained.
Is there any penalty for premature withdrawal from the Bank of Baroda Senior Citizen Savings Scheme?
Yes, a penalty is applicable for premature withdrawal from the Bank of Baroda Senior Citizen Savings Scheme, as per the rules prescribed by the bank.
What is the tenure of the Bank of Baroda Senior Citizen Savings Scheme?
The tenure of the Bank of Baroda Senior Citizen Savings Scheme is 5 years, which can be extended by an additional 3 years.
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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
Past 10 Years' annualised returns as on 01-12-2025
^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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
Tax benefit is subject to changes in tax laws. Standard T&C Apply
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^^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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).
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Double tax savings^ On premiums (under 80C) and on maturity (under 10(10D))
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