The Senior Citizen Savings Scheme (SCSS) is specifically designed for individuals aged 60 and above (or 55 and above for those who have taken voluntary retirement). It offers one of the highest guaranteed interest rates among all government savings schemes, paid out every quarter — making it ideal for retirees who need regular income.
The interest is credited directly to your Post Office savings account or bank account every quarter. You don’t need to do anything — money arrives automatically on 1st April, 1st July, 1st October, and 1st January each year.
Who Should Invest?
- Retirees who need a quarterly income to meet living expenses
- Senior citizens who want to keep their retirement corpus in a safe, government-backed instrument
- Those who want 80C tax benefit on their investment
Key Features
- Highest rate among guaranteed NSS schemes (currently 8.2% p.a.)
- Interest paid quarterly — automatic credit to linked account
- Section 80C deduction on investment up to ₹1.5 lakh
- Maximum investment: ₹30 lakhs per individual (₹60 lakhs for a couple)
- 5-year tenure, extendable by 3 years
- Premature withdrawal allowed after 1 year (penalty applies)
Watch Out For
- TDS deducted if annual interest exceeds ₹50,000 (senior citizen threshold)
- Interest is fully taxable as income — factor this into post-tax yield calculation
- Maximum deposit cap of ₹30 lakhs per individual
Compare All NSS Schemes
See how SCSS compares to all other National Savings Schemes in one table.
← View All NSS Interest Rates
