Key facts
What the official sources publish
Every value below belongs to this exact product. Select a source marker to check its context.
Scheme typeGovernment of India Senior Citizens Savings Scheme account serviced by SBI
Source 1Age and retirement eligibilityAge 60 or above; age 55 to under 60 after retirement; retired Defence Services personnel from age 50, subject to scheme conditions
Source 2Excluded customer typesNRIs and Hindu Undivided Families are not eligible
Source 3Deposit amountMinimum ₹1,000, then in multiples of ₹1,000, up to ₹30 lakhEffective 1 Apr 2023
Source 4Term and extension5 years, with an optional further 3-year extension
Source 5Current government-set SCSS rate8.20% p.a. for 1 July through 30 September 2026Effective 1 Jul 2026
Source 6Interest payoutPaid quarterly; unclaimed quarterly interest earns no additional interest
Source 7Premature-closure deductionsBefore 1 year: interest paid is recovered; after 1 but before 2 years: 1.5% of deposit; from 2 years: 1%; during extension before 1 year: 1%; after 1 year of extension: no deduction
Source 8Single and joint accountsIndividual or jointly with spouse; both spouses may hold their own single and joint accounts, while the entire joint deposit is attributed to the first holder
Source 9NominationOne or more nominees; nomination may be cancelled or varied
Source 10Latest government rate notificationFor 1 July-30 September 2026, interest rates on Small Savings Schemes remain unchanged from the rates notified for 1 April-30 June 2026. The one-page Q2 memorandum does not repeat the scheme-wise rate table, so it is evidence of continuity and not an independent source for numeric scheme rates.Effective 1 Jul 2026
Source 11Benefits and features
- Government-set 8.20% rate for the current quarter
- Quarterly income payouts
- Five-year term with optional three-year extension
- Up to ₹30 lakh principal
- Single or spouse-joint holding
- Premature closure under a published deduction schedule
Eligibility
- SCSS is a Government of India small-savings scheme serviced by SBI, not an SBI term deposit.
- NRIs and HUFs are not eligible.
- Early-retiree and retired-defence eligibility includes current scheme conditions and evidence requirements beyond age alone.
- The government can revise the rate; 8.20% applies through 30 September 2026.
- Only one withdrawal is permitted because partial or multiple withdrawals are not allowed under the published scheme terms.
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- KYC and SCSS account-opening form required by SBI and current scheme rules
- Age proof
- For an eligible retiree below 60: retirement and benefit-disbursal evidence and employer certificate required under current scheme rules
- Applicable nomination form and spouse details for joint holding