{"id":19770,"date":"2022-12-17T23:30:07","date_gmt":"2022-12-17T18:00:07","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=19770"},"modified":"2022-12-19T17:03:24","modified_gmt":"2022-12-19T11:33:24","slug":"senior-citizens-savings-scheme-scss-interest-rate","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/","title":{"rendered":"Senior Citizens Savings Scheme (SCSS) Interest Rate"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d2b29f95598\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d2b29f95598\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Features_of_Senior_Citizens_Savings_Scheme\" title=\"Features of Senior Citizens Savings Scheme\">Features of Senior Citizens Savings Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Are_several_SCSS_accounts_possible\" title=\"Are several SCSS accounts possible?\">Are several SCSS accounts possible?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Rule_for_SCSS_Withdrawal\" title=\"Rule for SCSS Withdrawal\">Rule for SCSS Withdrawal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Calculating_the_SCSS_Interest_Rate_Examples\" title=\"Calculating the SCSS Interest Rate: Examples\">Calculating the SCSS Interest Rate: Examples<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#SCSS_Maximum_Age\" title=\"SCSS\u00a0Maximum Age\">SCSS\u00a0Maximum Age<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Joint_Account_Rule_For_SCSS\" title=\"Joint Account Rule For SCSS\">Joint Account Rule For SCSS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Benefit_of_SCSS_Income_Tax\" title=\"Benefit of SCSS Income Tax\">Benefit of SCSS Income Tax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Benefits_of_Investing_in_Senior_Citizen_Saving_Schemes\" title=\"Benefits of Investing in Senior Citizen Saving Schemes\">Benefits of Investing in Senior Citizen Saving Schemes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Calculation_of_Interest_under_the_Senior_Citizen_Savings_Scheme\" title=\"Calculation of Interest under the Senior Citizen Savings Scheme\">Calculation of Interest under the Senior Citizen Savings Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Benefits_of_an_SCSS_Calculator\" title=\"Benefits of an SCSS Calculator\">Benefits of an SCSS Calculator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Senior_Citizens_Savings_Scheme_SCSS_Interest_Rate\" title=\"Senior Citizens Savings Scheme (SCSS) Interest Rate:\">Senior Citizens Savings Scheme (SCSS) Interest Rate:<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Historical_Trends_of_SCSS_Interest_Rate\" title=\"Historical Trends of SCSS Interest Rate\">Historical Trends of SCSS Interest Rate<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Who_Should_Invest_in_a_Senior_Citizen_Savings_Scheme\" title=\"Who Should Invest in a Senior Citizen Savings Scheme?\">Who Should Invest in a Senior Citizen Savings Scheme?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#List_of_Banks_Offering_SCSS_Accounts\" title=\"List of Banks Offering SCSS Accounts\">List of Banks Offering SCSS Accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#FAQs_on_Senior_Citizen_Savings_Scheme_Interest_Rate\" title=\"FAQs on Senior Citizen Savings Scheme Interest Rate\">FAQs on Senior Citizen Savings Scheme Interest Rate<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#What_are_the_documents_required_to_open_an_SCSS_account\" title=\"What are the documents required to open an SCSS account?\">What are the documents required to open an SCSS account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#What_will_happen_if_the_SCSS_primary_account_holder_dies\" title=\"What will happen if the SCSS primary account holder dies?\">What will happen if the SCSS primary account holder dies?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Is_there_any_upper_age_limit_for_opening_an_SCSS_account\" title=\"Is there any upper age limit for opening an SCSS account?\">Is there any upper age limit for opening an SCSS account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#Is_there_any_tax_benefit_available_on_investments_in_SCSS\" title=\"Is there any tax benefit available on investments in SCSS?\">Is there any tax benefit available on investments in SCSS?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The Government of India recognised the importance of senior citizens\u2019 source of income and introduced a savings scheme for them in 2004. The scheme enables senior citizens of India to save money for retirement and receive interest payments.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">You can open an SCSS account individually or jointly with your spouse at an authorised bank or post office. The <\/span>SCSS interest rate in 2022\u00a0 in December <span style=\"font-weight: 400;\">is currently fixed at 7.6% per annum.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/fixed-deposit\/all\"><img loading=\"lazy\" class=\"aligncenter wp-image-18627 size-large\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/FD-Updated-banner-01-1024x427.jpg\" sizes=\"(max-width: 640px) 100vw, 640px\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/FD-Updated-banner-01-1024x427.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/FD-Updated-banner-01-300x125.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/FD-Updated-banner-01-768x320.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/FD-Updated-banner-01-150x63.jpg 150w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/11\/FD-Updated-banner-01.jpg 1250w\" alt=\"fixed-deposit-interest-rates\" width=\"640\" height=\"267\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Features_of_Senior_Citizens_Savings_Scheme\"><\/span>Features of Senior Citizens Savings Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The key features of SCSS are as follows:\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The lock-in period is 5 years, after which you can extend the period for three more years. The request for extension can be made within one year of maturity. However, remember that you can choose to extend the tenure only once.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You can only make a premature withdrawal at any point after opening the account, however, in case, the account holder decides to close the account before one year from the date of opening of the account, interest paid on the deposit in the account shall be recovered from the deposit and the balance shall be paid to the account holder.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In case the PPF account is closed after the expiry of 1 year but prior to the expiry of 2 years from the date of opening of the PPF account, an amount equal to 1.5% of the deposit shall be reduced and the balance shall be paid to the account holder.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In case the <a href=\"https:\/\/kuvera.in\/blog\/all-about-epf-ppf-vpf\/\">PPF<\/a> account is closed beyond two years from the date of its opening, an amount equal to 1% of the deposit shall be deducted and the balance shall be paid to the account holder.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Beneficiaries of the SCSS scheme will receive quarterly disbursals. Banks disburse interest payments every year on April 1, July 1, October 1 and January 1.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SCSS is a source of regular income for senior citizens because of the quarterly interest payments.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You can open this account with a minimum amount of Rs. 1,000. The maximum amount that you can deposit is Rs. 15 lakh.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Are_several_SCSS_accounts_possible\"><\/span>Are several SCSS accounts possible?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Yes. A senior can create numerous SCSS accounts. However, at no point in time should the total deposits in all such accounts exceed Rs 15 lakh.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Rule_for_SCSS_Withdrawal\"><\/span>Rule for SCSS Withdrawal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Multiple withdrawals are not permitted from a SCSS account. While the principal (the deposit made at account opening) is paid on or after the passage of five years, or after the passage of eight years in the event of an extended account, the interest on SCSS investments is paid on a quarterly basis.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Calculating_the_SCSS_Interest_Rate_Examples\"><\/span><span style=\"color: #000000;\">Calculating<\/span> the SCSS Interest Rate: Examples<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The interest generated on deposits in the account is paid on a quarterly basis in accordance with SCSS Rules. Such an amount does not accrue any more interest if the account holder does not claim the payable interest.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Owners of SCSS accounts may automatically credit payable interest to a savings account.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">If the SCSS account earns 7.4% interest, a deposit of Rs 15 lakh will earn Rs 5,55,000 in interest after five years. In this instance, Rs 27,750 worth of interest will be deposited to your savings account each quarter. If you placed Rs. 10 lakh in the SCSS account, the total interest over five years and the quarterly interest amount Rs. 3.5 lakh and Rs. 18,500, respectively.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"SCSS_Maximum_Age\"><\/span><span style=\"color: #000000;\">SCSS\u00a0Maximum Age<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A person must be 60 years of age or older to open a SCSS account. There are a few exceptions to this rule, though. Civilian employees must open a SCSS account within a month of receiving retirement benefits if they are over 55 but under 60.Former Defense Within one month of receiving retirement benefits, employees who are over 50 but under 60 can also open a SCSS account.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Joint_Account_Rule_For_SCSS\"><\/span>Joint Account Rule For SCSS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">An elderly person may own a SCSS account on their own or jointly with their spouse. A single SCSS account as well as joint accounts between the couple are both permissible. The age restriction will only apply to the primary account holder in the case of a joint account, though. Only with joint accounts does the first account holder receive credit for the full deposit amount.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Benefit_of_SCSS_Income_Tax\"><\/span>Benefit of SCSS Income Tax<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Section 80C of the Income Tax allows deductions for deposits\/investments made in SCSS accounts.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">According to the official Post Office website, interest becomes taxable if it exceeds Rs 50,000 across all SCSS accounts in a given fiscal year. <a href=\"https:\/\/kuvera.in\/blog\/what-is-tds-traces\/\">TDS<\/a> is subtracted from the total interest paid in certain circumstances. However, if the account holder submits form 15G\/15H and the accrued interest does not exceed the allowed maximum, no TDS is taken.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Benefits_of_Investing_in_Senior_Citizen_Saving_Schemes\"><\/span>Benefits of Investing in Senior Citizen Saving Schemes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Here are some benefits offered by SCSS:\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Security<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">As this scheme is entirely GOI-backed, it is one of the safest and most reliable options for investments.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Flexibility of tenure<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Although SCSS has a lock-in period of 5 years, you can extend the period for 3 more years. Moreover, you can make premature withdrawals if the need arises.\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Hassle-free procedure<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">You can easily open an account under this scheme. All you need to do is visit the nearest branch of an authorised bank or post office.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Nomination<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This scheme provides the facility of nomination. So, while opening an account under this scheme, you can choose and provide the details of your nominee.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Easy transferability<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A Senior Citizens Savings Scheme account can be easily transferred across the country.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Decent returns\u00a0<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">As the rate of interest is higher than the interest offered by savings and <a href=\"https:\/\/kuvera.in\/fixed-deposit\/all\">fixed deposits<\/a>, this scheme provides decent returns.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Calculation_of_Interest_under_the_Senior_Citizen_Savings_Scheme\"><\/span>Calculation of Interest under the Senior Citizen Savings Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Now, you can use an online SCSS scheme calculator to determine the following:\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Interest amount:\u00a0<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">You can easily calculate the interest amount you will earn in the entire investment tenure.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Maturity amount:\u00a0<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Now, calculation of the maturity amount is easy. You must insert the investment amount, interest rate, and tenure to receive the maturity amount.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Interest to be received quarterly:<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The online calculator will let you determine the interest you will earn in the entire investment tenure.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Benefits_of_an_SCSS_Calculator\"><\/span>Benefits of an SCSS Calculator<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The benefits of using an SCSS calculator are given below:\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Free to use<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">SCSS calculator is freely available online, and you can use it as many times as you require.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Accuracy<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">An online SCSS calculator completely eliminates the chances of calculation errors. It provides an accurate result.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Easy to use<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">It is easy and simple to use. You need to insert the investment amount. The tenure and interest rates are already fixed.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Time-saving<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Calculating the investment amount on the SCSS online calculator will save your valuable time.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Easy to compare<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">You can compare different scenarios by inserting different investment amounts.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>Convenience<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Lastly, you can use the online calculator at any time or place at your convenience.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Senior_Citizens_Savings_Scheme_SCSS_Interest_Rate\"><\/span>Senior Citizens Savings Scheme (SCSS) Interest Rate:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Currently, the Government of India&#8217;s <\/span>SCSS interest rate<span style=\"font-weight: 400;\"> is fixed at 7.6% per annum, applicable for the first quarter (April \u2013 June) of the financial year 2022-2023.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">SCSS offers one of the highest interest rates compared to the other fixed income savings schemes. The interest rate is reviewed every quarter. It is subject to periodic change by GOI.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Historical_Trends_of_SCSS_Interest_Rate\"><\/span>Historical Trends of SCSS Interest Rate<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The table below displays the historical trends of SCSS interest rate:<\/span><\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Timeline\u00a0<\/b><\/td>\n<td style=\"text-align: center;\"><b>SCSS Rate of Interest (Percentage per Annum)\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">October to December (Q3 of FY 2022-2023)<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">July to September (Q2 of FY 2022-2023)<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">April to June (Q1 of FY 2022-2023)<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">January to March (Q4 of FY 2021-2022)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">October to December (Q3 of FY 2021-2022)<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">July to September (Q2 of FY 2021-2022)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">April to June (Q1 of FY 2021-2022)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">January to March (Q4 of FY 2020-2021)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">October to December (Q3 of FY 2020-2021)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">July to September (Q2 of FY 2020-2021)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">April to June (Q1 of FY 2020-2021)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">January to March (Q4 of FY 2019-2020)<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">October to December (Q3 of FY 2019-2020)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.6%\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">July to September (Q2 of FY 2019-2020)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">April to June (Q1 of FY 2019-2020)<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">January to March (Q4 of FY 2018-2019)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">October to December (Q3 of FY 2018-2019)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">July to September (Q2 of FY 2018-2019)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">April to June (Q1 of FY 2018-2019)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.3%\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">January to March (Q4 of FY 2017-2018)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">October to December (Q3 of FY 2017-2018)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">July to September (Q2 of FY 2017-2018)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">April to June (Q1 of FY 2017-2018)\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.4%\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Who_Should_Invest_in_a_Senior_Citizen_Savings_Scheme\"><\/span>Who Should Invest in a Senior Citizen Savings Scheme?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Any senior citizen, who is a resident of India and wishes to get higher returns than bank savings deposits or FDs, can open an account under SCSS.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">If a senior citizen wishes to avail of an investment option which would provide long-term benefits, they can choose Senior Citizens Savings Scheme.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">An additional advantage of Senior Citizen Savings Scheme accounts is the facility of joint ownership. However, please note that joint ownership provisions apply only to spouses.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"List_of_Banks_Offering_SCSS_Accounts\"><\/span>List of Banks Offering SCSS Accounts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">One can open an SCSS account in the following banks:\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">State Bank of India<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bank of Baroda<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Punjab National Bank<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Union Bank of India<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">IDBI Bank<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Canara Bank<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Central Bank of India<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Indian Bank<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bank of Maharashtra<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">UCO Bank<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ICICI Bank Ltd<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Apart from the list of banks mentioned above, you can also open a Senior Citizens Savings Scheme accounts at your nearest post office.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"color: black; font-size: 18px;\"><strong>Final Word<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">To sum up, <\/span>Senior Citizens Savings Scheme interest rate<span style=\"font-weight: 400;\"> is one of the highest interest paying schemes in the country among low-risk investment options. Senior citizens in India can consider this GOI-backed secure investment option. Opening an SCSS account is easy and hassle-free. One can easily open it at any RBI-authorised bank or post office. This scheme comes with tax benefits as well.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"FAQs_on_Senior_Citizen_Savings_Scheme_Interest_Rate\"><\/span>FAQs on Senior Citizen Savings Scheme Interest Rate<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"What_are_the_documents_required_to_open_an_SCSS_account\"><\/span>What are the documents required to open an SCSS account?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Given below is a list of documents required to open an SCSS account:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">PAN card<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Passport<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Voter ID<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Senior Citizen Card\/birth certificate<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Passport size photographs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Telephone and electricity bill<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"What_will_happen_if_the_SCSS_primary_account_holder_dies\"><\/span>What will happen if the SCSS primary account holder dies?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If the SCSS primary account holder dies before the amount matures, the bank will close the account, and the legal nominee will receive the proceeds. The nominee has to submit an application in the prescribed format along with the death certificate of the primary account holder.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Is_there_any_upper_age_limit_for_opening_an_SCSS_account\"><\/span>Is there any upper age limit for opening an SCSS account?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There is no upper age limit for opening an SCSS account. However, one can open a Senior Citizens Saving Scheme account only after attaining the age of 60.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Is_there_any_tax_benefit_available_on_investments_in_SCSS\"><\/span>Is there any tax benefit available on investments in SCSS?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As per provisions of Section 80C of Income Tax Act, a senior citizen can claim tax deduction for investments up to Rs. 1,50,000 in Senior Citizens Savings Scheme.<\/span><\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Content Checklist:<\/b><\/td>\n<td><b>Version 2.0<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Level 1<\/b><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Copyscape Premium Verification<\/span><\/td>\n<td><span style=\"font-weight: 400;\">97% Passed (Key phrases matched)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Grammarly Premium Score<\/span><\/td>\n<td><span style=\"font-weight: 400;\">92<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Readability Score<\/span><\/td>\n<td><span style=\"font-weight: 400;\">66.2<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Primary Keyword Usage<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Used\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Secondary Keyword Usage<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Used\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Highest Word Density\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Of \u2013 5.18%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Data\/Statistics Validation Date<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13\/06\/2022<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Level 2<\/b><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">YOAST SEO Plugin Analysis<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5 Green, 2 Red\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Call-to-action Tone Integration<\/span><\/td>\n<td><span style=\"font-weight: 400;\">NA\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">LSI Keyword Usage<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Incorporated\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Level 3<\/b><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Google Featured Snippet Optimization<\/span><\/td>\n<td><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Content Camouflaging<\/span><\/td>\n<td><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Voice Search Optimization<\/span><\/td>\n<td><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Generic Text Filtration<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Done\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Content Shelf-life<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6 Months+<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p style=\"color: black; font-size: 18px;\"><strong>Interested in how we think about the markets?<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Read more:\u00a0<a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>Check out all our \u201cInvestor Education Originals\u201d videos on Youtube and get smart about investing<\/p>\n<style>.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }<\/style>\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/az2R-fCLQsw\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/div>\n<p>&nbsp;<\/p>\n<div>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"http:\/\/app.kuvera.in\/\"><strong>Kuvera.in<\/strong><\/a>\u00a0to discover\u00a0<a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a>\u00a0and\u00a0<strong><a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a><\/strong>\u00a0and\u00a0<a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><br \/>\n#MutualFundSahiHai #KuveraSabseSahiHai<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The Government of India recognised the importance of senior citizens\u2019 source of income and introduced a savings scheme for them in 2004. The scheme enables senior citizens of India to save money for retirement and receive interest payments.\u00a0 &nbsp; You can open an SCSS account individually or jointly with your spouse at an authorised [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":19776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[99],"tags":[1965,579],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Senior Citizens Savings Scheme (SCSS) Interest Rate - Kuvera<\/title>\n<meta name=\"description\" content=\"What are senior citizen savings scheme? Features, Benefits, Calculation and list of Banks offering SCSS Schemes. Read More!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senior Citizens Savings Scheme (SCSS) Interest Rate - Kuvera\" \/>\n<meta property=\"og:description\" content=\"What are senior citizen savings scheme? Features, Benefits, Calculation and list of Banks offering SCSS Schemes. Read More!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/\" \/>\n<meta property=\"og:site_name\" content=\"Kuvera\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/kuvera.in\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-17T18:00:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-19T11:33:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/12\/Senior-Citizens-Savings-Scheme-Interest-Rate.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2240\" \/>\n\t<meta property=\"og:image:height\" content=\"1260\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Kuvera\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Kuvera_In\" \/>\n<meta name=\"twitter:site\" content=\"@Kuvera_In\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kuvera\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Senior Citizens Savings Scheme (SCSS) Interest Rate - Kuvera","description":"What are senior citizen savings scheme? Features, Benefits, Calculation and list of Banks offering SCSS Schemes. Read More!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/","og_locale":"en_US","og_type":"article","og_title":"Senior Citizens Savings Scheme (SCSS) Interest Rate - Kuvera","og_description":"What are senior citizen savings scheme? Features, Benefits, Calculation and list of Banks offering SCSS Schemes. Read More!","og_url":"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/","og_site_name":"Kuvera","article_publisher":"https:\/\/www.facebook.com\/kuvera.in","article_published_time":"2022-12-17T18:00:07+00:00","article_modified_time":"2022-12-19T11:33:24+00:00","og_image":[{"width":2240,"height":1260,"url":"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/12\/Senior-Citizens-Savings-Scheme-Interest-Rate.png","type":"image\/png"}],"author":"Kuvera","twitter_card":"summary_large_image","twitter_creator":"@Kuvera_In","twitter_site":"@Kuvera_In","twitter_misc":{"Written by":"Kuvera","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#article","isPartOf":{"@id":"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/"},"author":{"name":"Kuvera","@id":"https:\/\/kuvera.in\/blog\/#\/schema\/person\/6b774e7d3516942b9e0242c93d7cb307"},"headline":"Senior Citizens Savings Scheme (SCSS) Interest Rate","datePublished":"2022-12-17T18:00:07+00:00","dateModified":"2022-12-19T11:33:24+00:00","mainEntityOfPage":{"@id":"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/"},"wordCount":1978,"commentCount":0,"publisher":{"@id":"https:\/\/kuvera.in\/blog\/#organization"},"keywords":["SCSS Interest Rate","Senior Citizen Savings Scheme"],"articleSection":["Investing 101"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/","url":"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/","name":"Senior Citizens Savings Scheme (SCSS) Interest Rate - Kuvera","isPartOf":{"@id":"https:\/\/kuvera.in\/blog\/#website"},"datePublished":"2022-12-17T18:00:07+00:00","dateModified":"2022-12-19T11:33:24+00:00","description":"What are senior citizen savings scheme? Features, Benefits, Calculation and list of Banks offering SCSS Schemes. Read More!","breadcrumb":{"@id":"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/kuvera.in\/blog\/senior-citizens-savings-scheme-scss-interest-rate\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/kuvera.in\/blog\/"},{"@type":"ListItem","position":2,"name":"Senior Citizens Savings Scheme (SCSS) Interest Rate"}]},{"@type":"WebSite","@id":"https:\/\/kuvera.in\/blog\/#website","url":"https:\/\/kuvera.in\/blog\/","name":"Kuvera","description":"Wealth Management, Simplified","publisher":{"@id":"https:\/\/kuvera.in\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/kuvera.in\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/kuvera.in\/blog\/#organization","name":"Kuvera","url":"https:\/\/kuvera.in\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/kuvera.in\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/cropped-cropped-kuvera-logo-dark-3.png","contentUrl":"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/cropped-cropped-kuvera-logo-dark-3.png","width":83,"height":13,"caption":"Kuvera"},"image":{"@id":"https:\/\/kuvera.in\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/kuvera.in","https:\/\/twitter.com\/Kuvera_In","https:\/\/www.instagram.com\/kuvera.in","https:\/\/www.linkedin.com\/company-beta\/10456535\/"]},{"@type":"Person","@id":"https:\/\/kuvera.in\/blog\/#\/schema\/person\/6b774e7d3516942b9e0242c93d7cb307","name":"Kuvera","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/kuvera.in\/blog\/#\/schema\/person\/image\/","url":"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/07\/social-media-logo-02-alt-v3-150x150.jpg","contentUrl":"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/07\/social-media-logo-02-alt-v3-150x150.jpg","caption":"Kuvera"},"description":"Kuvera is India's first free Direct Mutual Fund investing platform. We bring you goal-based investing and innovative features like Tax Harvesting, TradeSmart, Family Account and more!","sameAs":["http:\/\/kuvera.in"],"url":"https:\/\/kuvera.in\/blog\/author\/kuvera-research\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/posts\/19770"}],"collection":[{"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/comments?post=19770"}],"version-history":[{"count":20,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/posts\/19770\/revisions"}],"predecessor-version":[{"id":19813,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/posts\/19770\/revisions\/19813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/media\/19776"}],"wp:attachment":[{"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/media?parent=19770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/categories?post=19770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kuvera.in\/blog\/wp-json\/wp\/v2\/tags?post=19770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}