What is the tenure of Bank of Baroda SCSS?

BoB Senior Citizen Savings Scheme tenure is 5 Years. The account can be extended for further blocks of 3 years, subject to the applicable SCSS rules.

What are the minimum and maximum investment limits for Bank of Baroda SCSS?

The minimum deposit amount is ₹1,000 required in Bank of Baroda SCSS. Investors can deposit up to ₹30 lakh and it is subjected to applicable scheme rules.

Who is eligible to open a Bank of Baroda SCSS account?

Individuals aged 60 years or above can open an SCSS account. Certain retired civilian employees aged 55 to 60 years and retired defence personnel aged 50 years or above may also be eligible, subject to the applicable conditions. Hindu Undivided Families (HUFs) and Non-Resident Indians (NRIs) are not eligible to invest in SCSS.

What is the Senior Citizen Savings Scheme?

The senior citizen savings scheme is a government sponsored saving scheme. It was launched in 2004. It helps in providing secure and regular income during their post-retirement phase.

Can I invest more than ₹30 lakh in SCSS?

No. Minimum opening deposit for BOB SCSS account is ₹1000/- or any amount in multiples of ₹1000/- subject to maximum deposit of ₹30 lakh.

How can I use the Bank of Baroda SCSS Calculator?

To use bank of Baroda SCSS calculator, you have to enter simple details such as deposit amount, applicable interest rate and the tenure. With these inputs, the SCSS calculator estimates the applicable quarterly interest and other returns based on the entered deposit, rate and tenure.

Bank of Baroda SCSS Interest Rate and Returns

Bank of Baroda Senior Citizen Savings Scheme (SCSS) interest rate is 8.20% p.a., which is payable quarterly. Interest rate on SCSS is fixed by Government of India and revised quarterly. Bank of Baroda is one of the banks authorised to provide the scheme and the rate is the same across banks.

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Current Bank of Baroda SCSS Interest Rate (July to September 2026)

The current Bank of Baroda SCSS interest rate and payment frequency are given below:

Particular	Details
Interest Payment	Quarterly
Rate Applicable	8.20% p.a. for July to September 2026
Rate Prescribed By	Government of India

*BOB SCSS interest rate is 8.20% p.a. for the July to September 2026 quarter.

SCSS Interest Rate History

The SCSS interest rate has changed at different intervals since the scheme was introduced. The historical rates are given below:

Period	Interest Rate (p.a.)
02-08-2004 to 31-03-2012	9.00%
01-04-2012 to 31-03-2013	9.30%
01-04-2013 to 31-03-2015	9.20%
01-04-2015 to 31-03-2016	9.30%
01-04-2016 to 30-09-2016	8.60%
01-10-2016 to 31-03-2017	8.50%
01-04-2017 to 30-06-2017	8.40%
01-07-2017 to 30-09-2018	8.30%
01-10-2018 to 30-06-2019	8.70%
01-07-2019 to 31-03-2020	8.60%
01-04-2020 to 30-09-2022	7.40%
01-10-2022 to 31-12-2022	7.60%
01-01-2023 to 31-03-2023	8.00%
01-04-2023 to 30-09-2026	8.20%

*SCSS interest rates are shown up to 30 September 2026, based on the rate applicable during the July to September 2026 quarter

How Interest is Calculated and Paid

You can calculate the Bank of Baroda SCSS interest depending on the deposit amount and interest rate applicable for a year.

Annual Interest = Deposit Amount × 8.20%

Indicative quarterly interest for a full quarter = Annual Interest ÷ 4

For example, suppose ₹12 lakh is deposited in a Bank of Baroda SCSS account at 8.20% p.a.

Annual interest = ₹12,00,000 × 8.20% = ₹98,400

Quarterly interest = ₹98,400 ÷ 4 = ₹24,600

So, a deposit of ₹12 lakh will earn ₹24,600 per quarter at the given rate, before any applicable tax deduction at source (TDS).

Bank of Baroda SCSS Interest on Different Deposit Amounts

The table below shows the annual and quarterly interest on different deposit amounts at 8.20% p.a. The calculations assume that the deposit remains invested at the stated rate and is not closed prematurely.

Deposit Amount	Annual Interest at 8.20%	Quarterly Interest
₹1,00,000	₹8,200	₹2,050
₹5,00,000	₹41,000	₹10,250
₹10,00,000	₹82,000	₹20,500
₹12,00,000	₹98,400	₹24,600
₹20,00,000	₹1,64,000	₹41,000
₹30,00,000	₹2,46,000	₹61,500

These figures are for illustration and do not account for any tax deduction. TDS on SCSS interest is applicable as per the prevailing income-tax provisions.

Estimate Returns Using the SCSS Calculator

With the SCSS calculator, you may estimate the quarterly interest and total interest based on the deposit amount, applicable interest rate and investment period. Use the calculator by entering a deposit amount, rate of interest and investment duration in years.

The calculator can show the estimated quarterly interest and other applicable calculation results based on the inputs entered. The indicated interest amount is illustrative and may vary depending on the interest rate notified by the Government of India from time to time.

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FAQs

What is the tenure of Bank of Baroda SCSS?

BoB Senior Citizen Savings Scheme tenure is 5 Years. The account can be extended for further blocks of 3 years, subject to the applicable SCSS rules.
What are the minimum and maximum investment limits for Bank of Baroda SCSS?

The minimum deposit amount is ₹1,000 required in Bank of Baroda SCSS. Investors can deposit up to ₹30 lakh and it is subjected to applicable scheme rules.
Who is eligible to open a Bank of Baroda SCSS account?

Individuals aged 60 years or above can open an SCSS account. Certain retired civilian employees aged 55 to 60 years and retired defence personnel aged 50 years or above may also be eligible, subject to the applicable conditions. Hindu Undivided Families (HUFs) and Non-Resident Indians (NRIs) are not eligible to invest in SCSS.
What is the Senior Citizen Savings Scheme?

The senior citizen savings scheme is a government sponsored saving scheme. It was launched in 2004. It helps in providing secure and regular income during their post-retirement phase.
Can I invest more than ₹30 lakh in SCSS?

No. Minimum opening deposit for BOB SCSS account is ₹1000/- or any amount in multiples of ₹1000/- subject to maximum deposit of ₹30 lakh.
How can I use the Bank of Baroda SCSS Calculator?

To use bank of Baroda SCSS calculator, you have to enter simple details such as deposit amount, applicable interest rate and the tenure. With these inputs, the SCSS calculator estimates the applicable quarterly interest and other returns based on the entered deposit, rate and tenure.
What was the SCSS interest rate in 2023?

SCSS interest rate was 8.00% p.a. from 1 January 2023 to 31 March 2023. It was raised to 8.20% p.a. from 1 April 2023. The SCSS interest rate is 8.20% p.a. for the July to September 2026 quarter. The rate applicable when an account is opened remains fixed for its initial 5-year term, subject to the applicable SCSS rules.

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