How To Start A Senior Citizen Savings Account: Step-By-Step Guide
As individuals grow older, securing financial stability becomes more important than ever. One dependable way to safeguard your future is by investing in the Senior Citizens Savings Scheme (SCSS), a government-backed savings option designed specifically for those aged 60 and above. More than just a regular bank account, SCSS acts as a financial safety net during your retirement years, offering higher interest rates, exclusive banking benefits, and the peace of mind that comes with stable returns.
Launched by the Government of India in 2004, the scheme allows a maximum deposit of Rs 30 lakh, with an initial tenure of 5 years, extendable by an additional 3 years upon maturity.
Early retirees aged 55 to 59 who have opted for Voluntary Retirement Scheme (VRS) or superannuation, as well as retired defence personnel aged 50 to 59, are also eligible to open a Senior Citizens Savings Scheme (SCSS) account.
Accounts can be opened individually or jointly with a spouse, with deposits capped at Rs 30 lakh per individual. You can open an SCSS account at any post office or at authorised public and private sector banks across India.
Step 4: Complete the application form and submit the required documents.
Step 5: Deposit the minimum required amount, usually ranging from Rs 500 to Rs 5,000 depending on the bank.
Step 6: Once the account is opened, enjoy benefits like higher interest rates, priority service, free chequebooks, and more.
Senior Citizen Saving Scheme: Documents required
Two passport-size photographs
A PAN card is mandatory.
ID proof (Aadhaar card, passport, driving license issued by the Regional Transport Authority, voter ID card, and job card issued by NREGA, signed by the state government officer)
Proof of address, such as electricity bills or telephone bills.
Age proof, like a birth certificate or senior citizen card.
If the investor is less than 60 years old, he/she will require a certificate from the employer indicating the details of retirement on superannuation or otherwise, employment held, retirement benefits, and the period of such employment with the employer.
First Published:
July 22, 2025, 10:45 IST
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