ICICI Senior Citizen Saving Scheme

ICICI Senior Citizen Saving Scheme is a specially designed fixed deposit scheme for senior citizens of India, offered by the ICICI Bank since 2019. The scheme offers attractive interest rates and flexible tenures as primary benefits. It aims to provide financial security and stability to individuals above 60 years, who are looking for safe investment options with guaranteed returns. Let us learn the features and benefits of the SCSS ICICI Bank Scheme from this article.

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What is ICICI Senior Citizen Saving Scheme (SCSS)?

ICICI Senior Citizen Saving Scheme (SCSS) is a fixed deposit scheme exclusively designed for senior citizens in India, aged 60 years and above. The scheme allows senior citizens to invest a lump sum amount in a fixed deposit and earn a fixed rate of return on their investment.

Senior Citizen Saving Scheme is one the safest investment options the Government of India provides. The customers can avail of extra benefits and facilities on joining the SCSS ICICI Bank.

Features of ICICI Bank Senior Citizen Saving Scheme

Features Details
Scheme Launched By Government of India
SCSS Interest Rate Decided by the Ministry of Finance Periodically
Age Limit
  • Senior Citizens: 60 years & above
  • Superannuation/ VRS/ Special VRS Retirement: 55-60 years of age
  • Ex-Servicemen from Defence Services: 50 years of age
SCSS ICICI Bank Account Type
  • Single Account Holder
  • Joint Account Holder
Nomination Facility 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
Maturity Period
  • 5 Years
  • Extendable by 3 Years (upon requesting within 1 year from maturity)
ICICI SCSS Interest Rate 2023 8.20% p.a. (for April-June Quarter)
Interest Compounded Quarterly
Interest Payment Date 1st Working Day of:
  • April
  • July
  • October
  • January
Advantages of SCSS ICICI Bank Account
    • Hassle-free SCSS Account Opening
  • Least Documentation
  • Interest is Directly Credited to ICICI Bank Account
  • Detailed Statement of Interest Payment to the SCSS ICICI Bank Account
  • Phone banking facility for any queries 
Premature Exit
  • <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
Investment Modes
  • Cheque
  • Pay Order
  • DD against “ICICI Bank Senior Citizen Savings Scheme, 2019”
ICICI Bank SCSS Tax Benefits Tax Deductions of up to Rs. 1.5 lakhs u/ Sec 80C of the IT Act, 1961
Taxation TDS is levied on the interest earned (if higher than Rs. 10,000 annually)
For Tax Exemption Submit Form 15H with ITR (if taxable income falls within basic tax exemption limits)

Eligibility Criteria of SCSS ICICI Bank

The eligibility criteria for the ICICI Senior Citizen Saving Scheme (SCSS) are as follows:

  • Entry Age: 

    • Single Account Senior Citizens: 60 years or above

    • Joint Account Senior Citizens: Both the 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

  • Maximum Number of Accounts: One (Single/ Joint Account)

  • Source of Income: A regular source of income

Documents Required

To open an account under ICICI Bank SCSS, the following documents are generally required:

  • Aadhar Card

  • Valid Passport

  • PAN Card

  • Voter ID Card

  • Driving License

  • Job Card u/ NREGA Scheme

Additional documents required if the investor is below 60 years of age:

  • Employer’s Certificate with details:

    • Superannuation/ Voluntary Retirement

    • Retirement Benefits

    • Period of Employment

    • Employment Specifications

  • Retirement Benefits Disbursal Proof:

    • SCSS ICICI Bank account should be opened within 1 month of receiving retirement benefits

ICICI SCSS Calculator

The ICICI SCSS interest rate is high as compared to savings schemes. The rate of interest is fixed and paid out every quarter directly in the SCSS ICICI Bank Account of the customers. 

You can use the ICICI SCSS calculator to estimate the returns and interest earned on your investments in this scheme.

To use this online calculator, follow these steps:

Step 1: Go to the Policybazaar SCSS calculator webpage

Step 2: Select the values of the following:

  • Investment Amount (amount you want to pay in a lump sum)

  • Investment Tenure

  • Interest rate is pre-decided at 8.2% p.a.

Step 3: Click on the "Calculate" button

The Senior Citizen Savings Scheme (SCSS) calculator will display these values:

  • Maturity value of your investment

  • Total interest earned

  • Interest rate

Benefits of ICICI Bank Senior Citizen Saving Scheme

Here are some of the benefits of investing in the ICICI Bank SCSS:

  • High Rate of Interest: The scheme offers higher interest rates than regular savings accounts, fixed deposits, and other savings schemes.

  • Guaranteed Returns: The returns on the SCSS are guaranteed and fixed, making it a safe and secure investment.

  • Tax Benefits: The investment amount in the SCSS is eligible for tax deductions under Section 80C of the Income Tax Act, of 1961.

  • Loan Facility: Senior citizens can avail of a loan against their SCSS account balance.

  • Nomination Facility: The ICICI Bank SCSS offers a nomination facility, which allows senior citizens to nominate a beneficiary who will receive the investment amount in case of their demise.

Wrapping It Up

ICICI Bank 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 Bank Senior Citizen Savings Scheme could be a good choice for you.


  • Q: What is the interest rate of the senior citizen scheme in ICICI Bank?

    Ans: As of April 2023, the interest rate offered on the ICICI Bank Senior Citizen Saving Scheme is 8.20% p.a.
  • Q: What is the interest rate for SCSS 2023?

    Ans: The Ministry of Finance declared the interest rate for the SCSS Scheme to be 8.2% for the quarter of April- June 2023. The rate will be fixed for people who will join the Senior Citizen Savings Scheme during this quarter.
  • Q: What is the minimum balance in ICICI Bank for senior citizens?

    Ans: The minimum balance required to join the ICICI Bank Senior Citizen Scheme is Rs. 1,000 and the maximum amount allowed to invest is Rs. 30 lakhs.
  • Q: Which bank is best for SCSS?

    Several banks in India offer the Senior Citizen Savings Scheme (SCSS), and the best bank for SCSS would depend on various factors such as:
    • Current interest rate
    • Ease of investment
    • Customer service
    • Overall reputation of the bank

    Some of the popular banks that offer SCSS in India include: 

    • State Bank of India (SBI)
    • HDFC Bank
    • ICICI Bank
    • Punjab National Bank (PNB)
    • Bank of Baroda (BOB)

Past 5 Year annualised returns as on 01-05-2024

^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.

#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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