Canara Bank Senior Citizen Scheme

Canara Bank Senior Citizen Scheme is a special savings scheme offered to its customers by Canara Bank. This government-backed scheme enables senior citizens, aged 60 and above, to invest their money in lump sum and earn a regular income via attractive interest rates.

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Features and Benefits of Canara Bank Senior Citizen Scheme

The features offered by Canara Bank Senior Citizen Savings Scheme are:

Features	Details
SCSS Interest Rate	Higher interest rates compared to savings scheme Decided by the Ministry of Finance Periodically
Canara Bank SCSS Account Type	Single Account Holder Joint Account Holder (only with spouse)
Nomination Facility	Available (in favour of Resident Indian Citizens Only). Up to four individuals
Minimum Amount of Investment	Rs. 1,000
Maximum Amount of Investment	Rs. 30 Lakhs
Maturity Period	5 Years Extendable by 3 Years (upon requesting within 1 year from maturity)
Canara Bank SCSS Interest Rate 2025	8.20% p.a. (Applicable from 1st April 2025 until 30th September 2025)
Interest Payable	Quarterly
Premature Exit	Premature Withdrawal is allowed based on: a) <1 Year of Account: penalty on quarterly interest accumulated b) 1-2 Years of Account: Penalty at 1.5% of remaining balance c) >2 Years of Account: Penalty at 1% of remaining balance

Eligibility for Canara Bank Senior Citizen Scheme

The following eligibility criteria must be met to qualify for Senior Citizen Saving Scheme Canara Bank. The candidate:

Must be a citizen of India
Senior citizens aged 60 or above
Retired/ VRS/ Superannuation Employee, completed 55 years of age or above
Retired personnel from the Defense Services who have reached the age of 50
Spouse of Government employee who has attained the age of 50 and died in harness.

Please note that these exemptions do not apply to Non-Resident Indians (NRIs) or Hindu Undivided Families (HUFs).

Interest Rate for Canara Bank Senior Citizen Scheme

The history of SCSS interest rates, including the updated rate for the quarter of April to September, is as follows:

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

Documents Required for Canara Bank Senior Citizen Scheme

To open a Canara Bank Senior Citizen Savings Scheme account, the following documents are generally required:

Duly filled application form
Age proof (Aadhaar, PAN card, Driving License, or birth certificate)
Identity proof (Voter ID, Passport, Aadhaar, PAN card)
Address proof (Utility bill, Aadhaar, Electricity Bill, Water Bill, etc.)
Passport-size photographs
Retirement proof (For individuals between 55-60 years availing SCSS after retirement)
Bank details for interest payout

Taxability

The interest earned on your SCSS investment is taxable as per your income tax slab.
If the annual interest income from your SCSS account exceeds Rs. 50,000, Tax Deducted at Source (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, Tax Deducted at Source (TDS) will be applicable. Tax laws are subject to change.
SCSS investment is eligible for tax benefits under Section 80C, with a deduction limit of Rs. 1.5 lakh per annum, subject to change.
Tax exemption process requires submitting Form 15H with ITR (if taxable income falls within basic tax exemption limits).
Tax laws are subject to change.

Canara Bank Senior Citizen Savings Scheme vs Fixed Deposit

While both the Senior Citizens' Savings Scheme (SCSS) and a bank Fixed Deposit (FD) are safe investment options that offer fixed returns, there are some distinct features in them, including :

Factors	Senior Citizen Savings Scheme	Fixed Deposit
Eligibility	Open to all; senior citizens get a higher rate	60+, Retired govt. employees (55+/50+)
Interest Rate	7.4% - 8.2% p.a.	3.00% - 6.50% p.a.
Maximum Deposit	Rs. 30 Lakhs	No Upper limit( bank-specific)
Lock-in period	5 years, 3-year extendable	7 days-10 years
Taxation	Taxable	Taxable
Premature Withdrawal	After 1 year (1.5% charge)	1%
Risk Involved	Low	Low

FAQs

Can Non-Resident Indians (NRIs) invest in the Canara Bank Senior Citizen Saving Scheme?

No, NRIs are not eligible to invest in the Canara Bank Senior Citizen Saving Scheme.
Is there any penalty for premature withdrawals in the Senior Citizen Scheme Canara Bank?

Yes, there is a penalty for premature withdrawals, and it varies depending on the duration of the investment.
What are the benefits of the Canara Bank Senior Citizen Saving Scheme?

The scheme offers attractive interest rates, tax benefits under section 80C of the Income Tax Act, 1961, and regular income through quarterly interest payouts.
What will be the share of the joint account holder in the deposit in a Canara Bank Senior Citizen Saving Scheme account?

The entire Canara Bank Senior Citizen Saving Scheme deposit amount in a joint account belongs to the first account holder only.

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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).