It’s a government based saving scheme for the Indians who are aged over 60 years. The maturity time of the scheme is 5 years from the date of application and that can be extended for 3 more years. This is the highest paid saving scheme in India as it provides an amount of 8.7% from the month of January to March 2019. This is available through private banks and post offices.


The interests are quarterly reviewed by the finance minister

period   Rate of interest
Jan to March 2019 8.7
Jan to March 2018 8.3
Apr to June 2018 8.3
July to sept2018 8.3
Oct to dec2018 8.7
Apr to June 2017 8.4
July to sept2017 8.3
Oct to dec2017 8.3


                 The deposit amount will start from 1000\- if it’s more than 1000 that should be credited in lakhs. The maximum amount that can be deposited is 15 lakhs an amount of only 1 lakh is allowed to pay through cash the rest amount should be paid through cheque book or account transfers.


  1. Two passport size photos
  2. Identity proofs as passport or PAN card should be submitted
  3. Individuals should provide aadhar card
  4. Age proof should be provided as the date of birth certificate or pan card or aadhar card


  1. Senior citizens who are aged over 60 years are eligible for this scheme
  2. An individual who is 55 but is retired under superannuation rules are applicable for this scheme but within a span of 1 month from the receipt of retirement benefits
  3. Non-resident Indians are not allowed to be a holder of this scheme
  4. Hindu undivided families are not allowed to open an account in this scheme


  1. The people who enrol for this scheme is protected by the income tax act,1961 under section 80c
  1. FLEXIBILITY: an amount of 1000-1500000 can be invested based on the flexibility
  2. AVAILABILITY: this is available in private banks and even in the post office
  3. HIGH RETURNS: as this is a government based policy there will be high returns
  4. PREMATURE OPTION: in case of emergency there is a premature option is available
  5. SECURITY: this is secured under the income tax act 1961, under section 80c


           The following described are the banks that offer the schemes as mentioned below

  1. Allahabad Bank
  2. Andhra bank
  3. State Bank of India
  4. Bank of Maharashtra
  5. Bank of Baroda
  6. Bank of India
  7. Corporation Bank
  8. Canara Bank
  9. Central Bank of India
  10. Dena Bank
  11. Syndicate Bank
  12. UCO Bank
  13. Union Bank of India
  14. Vijaya Bank
  15. IDBI Bank
  16. Indian Bank
  17. Indian Overseas Bank
  18. Punjab National Bank
  19. United Bank of India


 The scss application form can be downloaded from the following website as

Download the scss application form

The form will be as follows


  • Fill applicant name and provide the pan card details
  • Name of the primary applicant should be filled as father or husband
  • If it’s a joint account you need to provide the details about the other person also as age, address.
  • Applicant age and address if more than one nominee


PENALTY: you can close your scheme with a penalty

TAX REDUCTION: income tax is deduced on the interest you earn so that there will be fewer earnings

ZERO INTEREST: if the amount of interest reaches to the inflation of the country then there will be a case of getting zero interest

LESS INVESTMENT AMOUNT: an amount of up to 15 lakhs is allowed to invest in this scheme.

LIMITED EXTENSION PERIOD: this can be extended up to 8 years moot more than that

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