The ICICI Senior Citizen Saving Scheme is a specially designed savings scheme for senior citizens of India, offered by ICICI Bank since 2019. This scheme provides financial security and stability to individuals, aged 60 years or above, looking for safe investment options with guaranteed returns.
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What is ICICI Senior Citizen Saving Scheme (SCSS)?
ICICI Senior Citizen Saving Scheme (SCSS) is like a fixed deposit scheme, but only for senior citizens, aged 60 years and above. The scheme allows senior citizens to invest a lump sum amount in their account and earn a fixed rate of return on their investment.
The Senior Citizen Saving Scheme (SCSS) is one of the safest investment options the Government of India offers, ensuring guaranteed returns. Customers can avail of extra benefits and facilities by joining the ICICI Senior Citizen Savings Scheme.
Features and Benefits of ICICI Senior Citizen Savings Scheme
Available (in favour of Resident Indian Citizens Only)
Returns Type
Guaranteed Returns
Minimum Amount of Investment
Rs 1,000
Multiples of Rs. 1000 from thereon
Maximum Amount of Investment
Rs. 30 Lakhs per account
Maturity Period
5 Years
Extendable by 3 Years (upon requesting within 1 year from maturity)
ICICI SCSS Interest Rate 2025
8.20% p.a. (Applicable from 1st April 2025 until 30th September 2025)
Interest Credited
Directly to your ICICI Bank Account on the 1st of every April, July, October and January.
Interest Compounded
Quarterly
Investment Modes
Cheque
Pay Order
DD against “ICICI Bank Senior Citizen Savings Scheme, 2019”
Premature Exit
Premature Withdrawal is allowed based on:
<1 Year of Account: penalty on quarterly interest accumulated
1-2 Years of Account: Penalty at 1.5% of remaining balance
>2 Years of Account: Penalty at 1% of remaining balance
Eligibility Criteria of ICICI Senior Citizen Savings Scheme (SCSS)
The eligibility criteria for the Senior Citizen Saving Scheme ICICI are as follows:
Entry Age:
Single Account Senior Citizens: 60 years or above
Joint Account Senior Citizens: Both account holders must be aged 60 years or above
Retired/ VRS/ Superannuation Employee: 55 years or above
Retired Defence Personnel: 50 years or above
Citizenship
Indian citizen
Documents Required to Open ICICI Senior Citizen Savings Scheme Account
To open an ICICI 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
ICICI Senior Citizen Savings Scheme Interest Rate
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
Tax Benefits of ICICI 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.
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.
For Tax Exemption, submit Form 15H with ITR (if taxable income falls within basic tax exemption limits)
Tax laws are subject to change.
ICICI Bank Senior Citizen Savings Scheme vs Fixed Deposit
While both the Senior Citizens' Savings Scheme (SCSS) and a bank Fixed Deposit (FD) are secured investment options that offer fixed returns, they differ in certain features, including:
Factors
Senior Citizen Savings Scheme
Fixed Deposit
Eligibility
60+, Retired govt. employees
Anyone
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
7 days-10 years
Taxation
Taxable Income
Taxable
Premature Withdrawal
After 1 year (1.5% charge)
1%
Risk Involved
Low
Low
Conclusion
ICICI Senior Citizen Savings Scheme is a popular investment option for senior citizens in India due to its higher interest rate, guaranteed returns, and multiple other benefits. If you are a senior citizen looking for a secure and rewarding investment option, the ICICI Senior Citizen Savings Scheme could be a good choice for you.
FAQs
What is the age limit for opening an ICICI Bank Senior Citizen Savings Account?
Individuals aged 60 and above are eligible to open a Senior Citizen Savings Account by providing the necessary documentation.
What is the interest rate of the senior citizen scheme in ICICI Bank?
As of September 2025, the interest rate offered on the ICICI Bank Senior Citizen Saving Scheme is 8.20% p.a.
Can a joint ICICI Bank SCSS account be opened with a family member?
A joint SCSS account can only be opened with a spouse, with a maximum investment limit of Rs. 15 lakh, in multiples of Rs. 1000.
What are the criteria for opening a joint Senior Citizen Savings Account at ICICI Bank?
For a joint SCSS account, the primary account holder must be over 60 years old. There is no age limit for the second applicant. However, the joint account can only be opened with a spouse, and the entire account balance will be attributed to the primary account holder.
What are the charges for early withdrawal from ICICI Bank SCSS Account?span>
The penalty for premature withdrawal ranges between 1% and 1.5%, depending on the duration.
Who can we nominate in the ICICI Senior Citizen Saving Scheme?
In the ICICI Senior Citizen Saving Scheme, nomination is allowed only in favour of resident Indians.
Can a depositor open more than one account under the Scheme?
A depositor may operate more than one account under these rules subject to the condition that the deposits in all accounts taken together shall not exceed the maximum limit as specified under rule 4.
˜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
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 01-11-2025
^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
++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.
¶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).
Generate wealth Earn 1 Cr# in maturity with Zero LTCG tax¶
Double tax savings^ On premiums (under 80C) and on maturity (under 10(10D))
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