PNB Senior Citizen Saving Scheme

The PNB Senior Citizen Saving Scheme is a specialized savings scheme designed for senior citizens in India, senior citizens in their post-retirement phase by offering them attractive interest rates and other benefits. 

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Features of PNB Senior Citizen Saving Scheme

The scheme provides several benefits to senior citizens who look to invest their savings and earn a regular income in their retirement years. 

Let's take a look at some of the key features of PNB Senior Citizen Saving Scheme:

  • The minimum investment amount for this scheme is Rs. 1000, and the maximum investment limit is Rs. 15 lakhs. The investment amount must be made in multiples of Rs. 1000.

  • 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.

  • PNB Senior Citizen Saving Scheme also offers a joint holding option for senior citizens. The joint holder can be the spouse or any other eligible person.

Eligibility for PNB Senior Citizen Saving Scheme

To be eligible for the PNB Senior Citizen Saving Scheme, an individual must meet the following criteria:

  • Individuals who have completed 60 years of age are eligible for the following benefits.

  • Individuals who have retired on superannuation or under a voluntary or special voluntary scheme are eligible for benefits after completing 55 years of age.

  • The retired personnel of Defense Services (excluding Civilian Defense Employees) can invest after attaining the age of 50 years, provided that they fulfil specified conditions.

Interest Rate for PNB Senior Citizen Saving Scheme

The PNB Senior Citizen Saving Scheme offers a 7.4% interest rate currently. The interest rate for the Senior Citizen Savings Scheme is subject to change for different quarters. 

Below is a tentative record of the interest rates valid for the preceding quarters:

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%
  • The current interest rate for deposits made under the PNB SCSS scheme as of September 19th, 2020 is 7.4%. This rate will apply to deposits made under the scheme until September 2025. 

  • If the deposit term is extended for an additional 3 years until 2028, the interest rate will be determined by the prevailing rate at the time of renewal.

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How to Open 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 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 or 61, 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 a PNB 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

In addition to the above documents, senior citizens will also need to submit Form-A, which can be availed from any of its branches or downloaded from its official website as well. 


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

  • PNB 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

Exit option

  • Account can be closed prematurely, but a penalty will be charged.

  • Pledging SCSS deposits for loans is not allowed as it goes against the purpose of regular income.

  • Premature withdrawal/closure allowed after 1 year from opening, with penalty ranging from 1-1.5% depending on completed tenure.

  • If closed between 1-2 years, the penalty is 1.5% of deposit.

  • If closed after 2 years, the penalty is 1% of deposit.


  • What is the interest rate for SCSS PNB 2023?

    The SCSS interest rate currently is 7.4%. The Government revises interest rates quarterly
  • Is it possible to open a joint account under this scheme?

    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 scheme?

    Yes, premature withdrawal of funds is allowed under PNB Senior Citizen Savings Scheme.

Past 5 Year annualised returns as on 01-07-2024

^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
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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.

#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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