Senior Citizen Savings Scheme 2026

Retirement is when your savings really need to work for you – reliably, safely and without any surprises. That’s exactly what the Senior Citizen Savings Scheme (SCSS) is built for. It’s one of India’s most trusted government-backed options for anyone who wants guaranteed returns and a steady income to count on.

And in 2026, it’s only getting more popular, because when it comes to your post-retirement money, safety isn’t optional. Keep reading to learn all about the latest SCSS updates, who can open an account, how much you can deposit, nomination rules, tax benefits and more.

Senior Citizen Savings Scheme (SCSS) Details

Here’s a quick look at the key things you should know about SCSS before investing:

Feature	Details
Eligibility	60+ years, 55-60 for VRS retirees, 50+ for defence personnel
Minimum Deposit	₹1,000
Maximum Deposit	₹30 lakh
Interest Rate	8.2% per annum (as of 2026, subject to quarterly revision)
Interest Payout	Quarterly
Tenure	5 years (extendable by 3 years)
Premature Withdrawal	Allowed with penalty
Tax Benefit	Deduction up to ₹1.5 lakh under Section 80C
Interest Taxability	Fully taxable as per income slab
Where to Open	Authorised banks and post offices

[Source: SSCC details – NSI India, India Post]

What is SCSS?

The Senior Citizen Savings Scheme is a government-backed savings programme designed to offer stable interest income to individuals aged 60 and above. It is one of the most preferred saving schemes for senior citizens because it combines guaranteed returns with tax benefits under SCSS.

Created under the Ministry of Finance, this regulated scheme provides a reliable way to secure long-term financial health without taking market-linked risks.

SCSS Interest Rate Today

The Senior Citizen Savings Scheme is a government-backed savings programme designed to offer stable interest income to individuals aged 60 and above. It is one of the most preferred saving schemes for senior citizens because it combines guaranteed returns with tax benefits under SCSS.

Created under the Ministry of Finance, this regulated scheme provides a reliable way to secure long-term financial health without taking market-linked risks.

Who is Eligible to Open SCSS?

Eligibility remains simple and senior-friendly. Here are the eligibility criteria at a glance:

• Individuals aged 60 and above
• Retirees aged 55 to 60 who left service under a voluntary retirement scheme
• Defence personnel aged 50 and above

The scheme allows single or joint accounts with spouses, offering flexibility for retired families.

How Much Can You Invest in SCSS?

One of the most searched queries is about the SCSS maximum limit. The deposit rules for 2026 remain unchanged.

• Minimum deposit: ₹1,000
• Maximum deposit: ₹30 lakh

If you are wondering whether you can invest 30 lakh in SCSS today, the answer is yes, as long as the amount does not exceed the total retirement benefits received.

SCSS Account: Key Scheme Details

When you open an SCSS account, you gain access to predictable income, regular quarterly interest payouts and strong government-backed security.

SCSS Lock-in Period

SCSS comes with a fixed tenure of 5 years. Investors often search for the SSSS locking period, which is 5 years with an option to extend for three additional years. Premature withdrawal is permitted but may attract penalties depending on when the withdrawal is made.

SCSS Nomination: What you should know?

The SCSS allows investors to nominate individuals to ensure the smooth transfer of funds in case of unexpected events.

How to change the nominee in SCSS?

A nomination can be added, modified or cancelled at any time by submitting the required form to the bank or post office. This makes SCSS flexible for senior citizens who wish to ensure complete financial safety for their dependents.

Tax Benefits under SCSS

SCSS qualifies for tax benefits under SCSS through Section 80C deduction. Investors can claim up to ₹1.5 lakh per year under the Claiming deduction under Section 80C via SCSS. However, interest earned under the scheme is fully taxable based on the investor’s income tax slab.

These tax benefits make SCSS a valuable option for those who want savings along with government support.

Which Banks Offer SCSS?

You can open an SCSS account at any authorised bank or post office across India. Here’s a list of major banks where SCSS is available:

Bank Name	SCSS Available
State Bank of India (SBI)	Yes
Punjab National Bank (PNB)	Yes
Bank of Baroda	Yes
Canara Bank	Yes
Union Bank of India	Yes
Indian Bank	Yes
HDFC Bank	Yes
ICICI Bank	Yes
Indian Overseas Bank	Yes
UCO Bank	Yes
Bank of India	Yes
Central Bank of India	Yes
Post Offices (India Post)	Yes

[Source: Banks offering SCSS – RBI]

SCSS in 2026: What Retirees Should Expect?

While platforms like ClearTax, Bajaj Finance and HDFC Bank talk about how popular SCSS is, it’s still important to see how well it fits into your own long-term plans.

SCSS continues to be a reliable option in 2026 because it offers:

• Reliable income
• High interest compared to many bank deposits
• Smooth account operation at post offices and banks
• Tax efficiency under Section 80C

Conclusion

As you plan how much to save and where to invest, it helps to look at different options that match your goals and keep your cash flow steady.

If you ever need quick access to funds without disturbing your SCSS investments, Fibe allows you to stay financially comfortable. You can get a Personal Loan of up to ₹10 lakh through a completely digital and quick process.

Whether it’s an unexpected expense or just managing your everyday needs while your savings stay intact, Fibe is there when you need support. Just visit Fibe or download the app to get quick and hassle-free access to funds anytime.

FAQs on SCSS

Will the SCSS interest rate increase in 2026?

The interest rate is reviewed quarterly. Any increase depends on government decisions. Investors should check official updates every quarter.

What is the 11.68% senior citizens scheme?

Some private institutions mention investment plans offering returns as high as 11.68 percent. These are not SCSS rates. SCSS rates are declared only by the Government of India.

Can I invest 30 lakhs in SCSS today?

Yes, you can go up to a maximum limit of ₹30 lakh. This includes all SCSS accounts held in your name.

What is the share of the joint account holder of SCSS?

The entire deposit belongs to the primary holder. The joint holder, who is usually the spouse, does not have a separate share in it. However, if the primary holder passes away, the joint holder or nominee can claim the amount.

How to open an SCSS account online?

SCSS accounts cannot be opened fully online. You’ll need to visit your nearest bank branch or post office with basic documents – identity proof, age proof, address proof and a passport-size photo. Some banks let you download the form online beforehand, but the final submission has to happen in person.

How many accounts can be opened under SCSS by a senior citizen?

You can open more than one SCSS account – individually or jointly with your spouse. Just the total deposit across all accounts cannot exceed ₹30 lakh.