Key facts
What the official sources publish
Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.
Scheme typeGovernment of India Senior Citizens Savings Scheme account serviced by SBIView source
This is a government small-savings scheme offered through , not an fixed-deposit rate promise.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Features
- Accessed
- 12 Aug 2026
- Confidence
- high
Age and retirement eligibilityAge 60 or above; age 55 to under 60 after retirement; retired Defence Services personnel from age 50, subject to scheme conditionsView source
The current scheme rules add timing and retirement-benefit evidence conditions for early-retiree categories; these are not reduced to age alone.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Eligibility
- Accessed
- 12 Aug 2026
- Confidence
- high
Excluded customer typesNRIs and Hindu Undivided Families are not eligibleView source
page expressly excludes both categories.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Eligibility
- Accessed
- 12 Aug 2026
- Confidence
- high
Deposit amountMinimum ₹1,000, then in multiples of ₹1,000, up to ₹30 lakhEffective 1 Apr 2023View source
states that the ₹30 lakh ceiling took effect on 1 April 2023.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Features
- Accessed
- 12 Aug 2026
- Confidence
- high
Term and extension5 years, with an optional further 3-year extensionView source
The page describes payment at five years or eight years where the account was extended.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Features
- Accessed
- 12 Aug 2026
- Confidence
- high
Current government-set SCSS rate8.20% p.a. for 1 July through 30 September 2026Effective 1 Jul 2026View source
The Ministry memorandum keeps all small-savings rates unchanged for ; page identifies at 8.20%. The government reviews the rate periodically.
- Source
- Government of India Small Savings Interest Rates — 2026-27
- Page / section
- Page 1 — rates unchanged from 2026-27; paired with published 8.20% rate
- Accessed
- 12 Aug 2026
- Confidence
- high
Interest payoutPaid quarterly; unclaimed quarterly interest earns no additional interestView source
Leaving a due quarterly payout unclaimed does not compound it under the page's terms.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Features
- Accessed
- 12 Aug 2026
- Confidence
- high
Premature-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 deductionView source
confirms premature closure is allowed with a penalty; the exact schedule comes from the official scheme rules and amendment.
- Source
- Senior Citizens' Savings Scheme 2019
- Page / section
- Rule 6 — Premature closure, including 2023 extension amendment
- Accessed
- 12 Aug 2026
- Confidence
- high
Single 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 holderView source
Joint holding does not split attribution of the deposit between spouses under the published page.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Features and Eligibility
- Accessed
- 12 Aug 2026
- Confidence
- high
NominationOne or more nominees; nomination may be cancelled or variedView source
The page publishes the nomination flexibility but not a dedicated online nomination route.
- Source
- Senior Citizens Savings Scheme
- Page / section
- Features
- Accessed
- 12 Aug 2026
- Confidence
- high
Latest 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 2026View source
All text, date boundaries and the unchanged-rate qualification from the complete one-page memorandum are retained.
- Source
- Government of India Small Savings Interest Rates — 2026-27
- Page / section
- Page 1 — Office Memorandum dated 30 June 2026
- Accessed
- 13 Aug 2026
- Confidence
- high
Senior-citizen rate8.20% p.a. for 1 July–30 September 2026 under the Government-notified Senior Citizens' Savings Scheme rate.Effective 1 Jul 2026View source
The scheme page and current Government small-savings notification publish 8.20% p.a. for the quarter.
- Source
- Senior Citizens Savings Scheme — official terms
- Page / section
- Interest rate and quarterly payout
- Accessed
- 29 Aug 2026
- Confidence
- high
Interest payout / redemptionQuarterly income payoutsView source
The manually reviewed product record states: “Quarterly income payouts”.
- Source
- Senior Citizens Savings Scheme — official product page
- Page / section
- Published product metadata
- Accessed
- 12 Aug 2026
- Confidence
- high
Benefits 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
- is a Government of India small-savings scheme serviced by , not an term deposit.
- and 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
- and account-opening form required by 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
Related official documents
Senior Citizens' Savings Scheme 2019government-scheme-rules · current · accessed 12 Aug 2026
↗Government of India Small Savings Interest Rates — Q2 FY 2026-27government-interest-rate-office-memorandum · current · accessed 12 Aug 2026
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