Canara Bank Senior Citizen Scheme

Canara Bank Senior Citizen Scheme is a special savings account plan offered to a large customer base of the Canara Bank. This scheme is designed exclusively for senior citizens aged 60 years and above, providing them with numerous benefits to meet their financial needs.

Read more
investent plan
Plans starting from ₹1000/month
tata aia life insurance
Bajaj Allianz
hdfc life insurance
Best Investment Plans
  • money
    Generate wealth with high returns Earn 1 Cr in maturity with Zero LTCG tax
  • tax
    Double tax savings On premiums (under 80C) and on maturity (under 10(10D))^
  • compare
    Compare & choose the best 30+ Plans and 150+ Fund options
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

Top performing plans with High Returns*

Invest ₹10K/month & Get ₹1 Crore returns*

We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company
Get Updates on WhatsApp
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold
Why we need your mobile number?
We need it to confirm more details about you and advise accordingly. Our licensed experts work for you, not the insurance companies, so their advice is entirely unbiased
— No sales pitches here

Features of Canara Bank Senior Citizen Schema

This scheme offers a wide range of benefits to senior citizens, including higher interest rates, tax benefits, and ease of access. 

Let's take a closer look at some of the key features of the Canara Bank Senior Citizen Scheme:

  • Minimum deposit for the investment scheme is Rs 1000/-

  • Maximum deposit allowed is Rs 30,00,000/-

  • Scheme maturity duration of 5 years and can be extended up to 3 years

  • Interest is compounded yearly

  • Senior citizens can prematurely withdraw their fixed deposit amount 

  • Facility of nomination is available for all – a senior citizen can nominate an individual to receive the deposit amount after their demise

Eligibility for Canara Bank Senior Citizen Scheme

An individual residing in India, either alone or with their spouse, is eligible Canara Bank Senior Citizen Scheme, and he or she should also meet the following eligibility criteria:

  • Senior citizens of age of 60 or above

  • Individuals between the ages of 55 and 60 (as per scheme guidelines)

  • Retired personnel from the Defense Services who have reached the age of 50

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

Starting from 1 April 2023 until there is a change, the interest rate will be 8.20% per year, and interest will be paid quarterly. The interest rate for the Senior Citizen Savings Scheme is subject to change during different quarters of the year. 

Given below is the history of interest rates offered to its customers in the recent period:

Quarters Rate of Interest
(FY 2022-23) January to March 7.4%
(FY 2022-23) October to December 7.4%
(FY 2022-23) July to September 7.4%
(FY 2022-23) April to June 7.4%
(FY 2021-22) January to March 7.4%
(FY 2021-22) October to December 7.4%
(FY 2021-22) July to September 7.4%
(FY 2021-22) April to June 7.4%
(FY 2020-21) January to March 7.4%
(FY 2020-21) October to December 7.4%
(FY 2020-21) July to September 7.4%
(FY 2020-21) April to June 7.4%
(FY 2019-20) January to March 8.6%
(FY 2019-20) October to December 8.6%
(FY 2019-20) July to September 8.6%
(FY 2019-20) April to June 8.7%
(FY 2018-19) January to March 8.7%
(FY 2018-19) October to December 8.7%
(FY 2018-19) July to September 8.3%
(FY 2018-19) April to June 8.3%

How to Apply for SCSS?

There are two ways to apply for SCSS by Canara Bank:

  • Online – Using Net Banking/Mobile Banking

  • Offline – At Bank Branches

Documents Required 

To open a Canara Bank Senior Citizen Saving Scheme account, you will need to submit the following documents:

  • Identity Proof: Passport, Voter ID Card, PAN Card, Aadhaar Card, Driving License

  • Address Proof: Aadhaar Card, Utility Bill (Electricity Bill, Water Bill, Gas Bill, Telephone Bill, etc.), Bank Account Statement

  • Age Proof: Birth Certificate, Voter ID Card


  • Canara Bank Senior Citizen Saving Scheme is taxable under the Income Tax Act, 1961.

  • SCSS investment is eligible for tax benefits under section 80C, with a deduction limit of Rs. 1.5 lakh per annum.

  • Deduction under section 80TTB of up to Rs. 50,000 is available on interest earned from SCSS investment, as well as on interest earned on savings accounts and fixed deposits.

Senior Citizen Savings Scheme vs Fixed Deposit 

Factors Senior Citizen Savings Scheme Fixed Deposit
Interest Rate 7.4% - 7.9% p.a. 3.00% - 6.50% p.a.
Lock-in period 5 years 7 days-10 years
Taxation Taxable income Taxable
Premature Withdrawal After 1 year (1.5% charge) 1%
Eligibility Senior Citizens Anyone
Risk Involved Low Low

Premature withdrawal 

You can withdraw your money before the account maturity date after one year of opening. If you proceed with withdrawal, you will be charged a fee of 1.5% of the total deposited amount after one year. For withdrawals after two years, you will be charged a 1% penalty.


  • How can customers open an account under the scheme?

    Customers can visit their nearest Canara Bank branch to open an account under the Canara Bank Senior Citizen Saving Scheme. They need to fill out an application form and provide necessary documents such as age proof, identity proof, and address proof.
  • Can non-resident Indians (NRIs) invest in the scheme?

    No, non-resident Indians (NRIs) are not eligible to invest in the Canara Bank Senior Citizen Saving Scheme.
  • Is there any penalty for premature withdrawals?

    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.

Past 10 Year annualised returns as on 01-12-2023

^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per 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
~Source - Google Review Rating available on:-

Become a crorepati-1
Invest More Get More!
You Get
₹1 Crores*
You Invest
You Get
₹80 Lakhs*
You Invest
You Get
₹50 Lakhs*
You Invest
capital guarantee
Investment Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans

Investment plans articles

Recent Articles
Popular Articles
How Thanks giving and Black Friday Affect The Indian Stock Market?

23 Nov 2023

Black Friday and Thanksgiving mark the beginning of the holiday
Read more
Axis Bank NRI Account

11 Oct 2023

The Axis Bank NRI Account is a gateway to seamless banking
Read more
ICICI Bank NRI Account

09 Oct 2023

The ICICI NRI Account is a specialized banking solution designed
Read more
Long- Term Income Plans

11 Sep 2023

Long-Term Income Plans are strategic financial products that
Read more
Max Life Capital Guarantee Solution

28 Aug 2023

Capital Guarantee Solution Plan offered by Max Life insurance, a
Read more
Best NRE Savings Accounts for NRIs in 2023
India is a growing economy and is getting a lot of global recognition these days. It has shown immense growth in
Read more
Short Term Investments Options
Short-term investments can be described as temporary investments or marketable securities, which can be easily
Read more
10 Disadvantages of Senior Citizen Savings Scheme (SCSS)
The Senior Citizen Savings Scheme (SCSS) is a popular investment option, introduced by the Indian Government in
Read more
Best LIC Policies For Investment in 2023
LIC Policies for investment are the best option to invest your hard-earned money. As LIC is a government-backed
Read more
Ways to Double Your invested Money
One of the main reasons we invest money is to save it and watch it grow. However, with low interest rates from
Read more

Download the Policybazaar app
to manage all your insurance needs.