PNB Senior Citizen Saving Scheme

The PNB Senior Citizen Saving Scheme is a specialised savings scheme designed for senior citizens in India, offered by Punjab National Bank. The scheme is ideal for investors looking for a safe investment option, offering higher interest rates and other benefits. This scheme ensures a regular income in post retirement years, enabling a financially stable life.

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Features of PNB Senior Citizen Saving Scheme

Introduced by the Government of India, the Senior Citizen Savings Scheme offers several features, including:

Investment Amount: The minimum lump sum investment amount for this scheme is ₹ 1000, and the maximum investment limit is ₹ 30 lakhs. The investment amount must be made in multiples of ₹ 1000.
Tenure: The tenure of PNB Senior Citizen Saving Scheme is 5 years. The scheme can be extended for another 3 years on maturity by submitting a request to the bank.
Interest: This savings scheme offers higher interest rates compared to regular savings schemes and fixed deposits. Currently, the PNB SSCS interest rate is 8.2%. Interest is payable on a quarterly basis on the 1st of every April, July, October, and January.
Joint Account Option: As per the Senior Citizen Saving Scheme PNB, the account can be opened individually, or jointly with a spouse.
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.
Premature Withdrawal: Premature withdrawal of the deposit is allowed after the completion of one year, subject to certain conditions:
- 1-2 Years of Account: Penalty at 1.5% of remaining balance
- >2 Years of Account: Penalty at 1% of remaining balance
- After completing the 5-year term and entering the 3-year extension:
- Within the first year of extension: 1% penalty on the deposit.
- After the first year of extension: No penalty.

Eligibility for PNB Senior Citizen Saving Scheme

To be eligible for the PNB Senior Citizen Saving Scheme, the following eligibility criteria must be met:

The applicant must be a citizen of India.
Individuals who have completed 60 years of age.
Individuals who have retired on superannuation or under a voluntary or special voluntary scheme, after completing 55 years of age.
Retired personnel from the Defense Services who have reached the age of 50.

Note: Hindu Undivided Families (HUFs) & NRIs are not eligible for this scheme.

Interest Rate for PNB Senior Citizen Saving Scheme

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

Quarters	Rate of Interest
(FY 2025-26) April to March	8.20%
(FY 2023-24) April to March	8.20%
(FY 2022-23) January to March	7.40%
(FY 2022-23) October to December	7.40%
(FY 2022-23) July to September	7.40%
(FY 2022-23) April to June	7.40%
(FY 2021-22) January to March	7.40%

Note: The interest rate for the Senior Citizen Savings Scheme is subject to change for different quarters.

People also read: PNB Metlife Small Cap Fund

How to Open a PNB SCSS Account?

To open a savings bank account and an SCSS account, you have to provide certain documents at the branch counter. Follow these steps to open your PNB SCSS account:

Submit a duly filled application form
Attach two passport-sized photos
Provide required documents like copy of passport, PAN card, or declaration form No. 60, Aadhaar card
Deposit principal into your account

Once the application process is complete, the account becomes operational in a short period. While you can follow these steps at PNB’s branch, you can also do it online with ease.

Document Required to Open PNB SCSS Account

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

Age proof (Birth Certificate, Voter ID Card)
Identity proof (Aadhaar Card, Passport etc.)
Address proof (Aadhaar Card, Utility Bill, Bank Account Statement, etc.)
Form 60
Passport-size photographs
Account opening form
Retirement Proof
Bank Account details for deposits

Taxability Under PNB Senior Citizen Saving Scheme

PNB Senior Citizen Saving Scheme is taxable under the Income Tax Act, 1961.
Tax Deducted at Source (TDS) is applicable if the interest earned exceeds the specified threshold limit.
If your SCSS account's annual interest income 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, 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)
PNB SCSS investment is eligible for tax benefits under section 80C, with a deduction limit of Rs. 1.5 lakh per annum.
Tax laws are subject to change.

PNB Senior Citizen Savings Scheme vs Fixed Deposit

Factors	Senior Citizen Savings Scheme	Fixed Deposit
Eligibility	Senior Citizens	Anyone
Interest Rate	7.9%-8.2% p.a.	3.00%-6.50% p.a.
Tenure	5 years	7 days-10 years
Taxation	Taxable income	Taxable
Maximum Deposit Limit	No upper limit (bank-specific)	Rs. 30 lakhs per account
Safety	Depends on bank’s credibility	Safe; Government-backed

FAQs

What is the current PNB SCSS interest rate?

For the current quarter (April, 2025 to September, 2025), the rates are 8.2%. The Government revises interest rates quarterly.
Is it possible to open a joint account under the Senior Citizen Saving Scheme PNB?

Yes, it is possible to open a joint account under PNB Senior Citizen Savings Scheme. The account can be jointly held by the senior citizen and their spouse or any other family member. However, only one person can be designated as the primary account holder.
Is premature withdrawal of funds allowed in the PNB Senior Citizen Saving Scheme?

Yes, premature withdrawal of funds is allowed under PNB Senior Citizen Savings Scheme, subject to some penalty.
Is Aadhaar necessary to open a PNB SCSS account?

Yes, Aadhaar is necessary to open a PNB SCSS account.
Is PAN mandatory to open a PNB SCSS account?

Yes, PAN is mandatory to open a PNB SCSS account.

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¶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).