The government created the Senior Citizen Savings Scheme (SCSS) to provide financial security and stability to senior citizens in India. Offered through leading banks like ICICI Bank, the SCSS scheme offers attractive interest rates, tax benefits, and guaranteed returns. The ICICI Bank Senior Citizen Saving Scheme is an excellent option for retirees looking for a safe investment avenue with a steady income.
The ICICI Senior Citizen Saving Scheme comes with the following key features:
The government sets and revises the interest rate for the Senior Citizen Savings Scheme (SCSS) in ICICI Bank every quarter. It generally offers higher interest rates than standard savings accounts and fixed deposits.
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| Feature | SCSS | Fixed Deposit (FD) |
| Government-backed | Yes | No (Only insured up to Rs. 5 lakh) |
| Interest Rate | Higher than FD | Lower than SCSS |
| Tax Benefits | Section 80C eligible | Not eligible under 80C |
| Tenure | 5 years (extendable) | Flexible (7 days to 10 years) |
| Premature Withdrawal | Allowed after 1 year with a penalty | Allowed with bank-specific penalties |
| Interest Payout | Quarterly | Monthly, Quarterly, Half-yearly, or on maturity |
To open an ICICI Senior Citizen Saving Scheme account, the applicant must fulfill the following eligibility criteria:
To open an SCSS account in ICICI Bank, you must provide the following documents:
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The ICICI Bank Senior Citizen Savings Scheme (SCSS) is a safe and lucrative investment option for retirees seeking stable income with tax benefits. With higher interest rates, government-backed security, and flexible withdrawal options, SCSS is a better alternative than traditional fixed deposits. Senior citizens looking for risk-free investments with a regular income should consider opening an SCSS account at ICICI Bank.
Indian residents aged 60 years and above and retired individuals aged 55-60 years (under VRS or superannuation) are eligible.
No, Non-Resident Indians (NRIs) are not eligible to invest in the Senior Citizen Savings Scheme.
The interest rate is revised quarterly by the government and is higher than regular fixed deposits.
Yes, the tenure can be extended for 3 years after the initial 5-year period.
The maximum deposit amount in an SCSS account is Rs. 15 lakh.
Yes, premature withdrawal is allowed after 1 year, but a penalty applies.
Yes, the interest earned is taxable, and TDS is deducted if it exceeds Rs. 50,000 annually.
You can open an SCSS account at any ICICI Bank branch by submitting the required documents.
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