The government backs the Indian Bank Senior Citizen Savings Scheme (SCSS) to provide senior citizens with financial security through fixed and stable returns. This scheme is ideal for retirees looking for a reliable source of income with attractive interest rates.
The Indian Bank SCSS interest rate is subject to periodic revisions by the government. As of recent updates, the interest rate stands at 8.2% per annum, which is credited quarterly.
You may also want to know EPF Withdrawal Online
To invest in the Indian Bank SCSS, an individual must meet the following criteria:
You may also want to know the HDFC PPF Account
| Features | SCSS | Fixed Deposit |
| Interest Rate | Higher (Currently 8.2%) | Varies (Lower than SCSS) |
| Tenure | 5 years (extendable to 8 years) | Flexible |
| Tax Benefits | Eligible under 80C | Only on Tax-Saver FD |
| Premature Withdrawal | Allowed with Penalty | Allowed with Varying Penalties |
| Government Guarantee | Yes | No |
To open an SCSS account with Indian Bank, the following documents are required:
You can open an SCSS account through offline and online modes:
Indian Bank currently does not offer a full-fledged online application process for SCSS. However, you can visit the bank’s official website for updates and guidelines on how to apply online.
The Indian Bank Senior Citizen Savings Scheme is a safe and lucrative investment option for retirees seeking stable income and government-backed security. With attractive interest rates, tax benefits, and flexible withdrawal options, SCSS remains one of the best savings schemes for senior citizens in India.
The current interest rate on SCSS is 8.2% per annum, payable quarterly.
Individuals aged 60 years and above can invest. Retired individuals aged 55-60 years can also apply under specific conditions.
Yes, premature withdrawals are allowed after one year but are subject to penalties.
Yes, SCSS offers higher interest rates than regular FDs and comes with tax benefits under Section 80C.
Visit the nearest Indian Bank branch, submit the required documents, and make the initial deposit.
Yes, the tenure can be extended for an additional 3 years after the initial 5-year period.
Yes, the interest earned is taxable. However, you can claim a deduction under Section 80C.
If not withdrawn, the SCSS amount will continue to earn interest for up to 2 years at the applicable savings account rate.
Get the link to download the App
