SBI SCSS Account Opening Form is available for download in PDF format through the official SBI website at sbi.bank.in. Senior Citizen Saving Scheme (SCSS) is a government-backed savings scheme made for elderly citizens, and it offers a fixed rate of interest on the deposit.
Senior Citizen Saving Scheme Account currently offers 8.2% interest per year, a rate that has stayed the same since April 2023. Interest is paid every quarter, which gives senior citizens a steady flow of money.
Who can Open SBI Senior Citizen Saving Scheme Account
Before opening, check whether the person meets the eligibility criteria set by the bank. The account can be opened in individual capacity or jointly with the spouse only.
- An individual above 60 years of age.
- Retired civilian employees above 55 years and below 60 years, subject to the condition that the investment is made within 1 month of receiving retirement benefits.
- Retired defense employees above 50 years and below 60 years, subject to the condition that the investment is made within 1 month of receiving retirement benefits.
- The whole amount of deposit in a joint account shall be attributable to the first account holder only.
Deposit in SBI SCSS Account
The minimum deposit is Rs. 1000 and in multiples of 1000. The maximum limit was raised to Rs. 30 lakh with effect from 01.04.2023 for all SCSS accounts opened by an individual.
- Minimum deposit shall be Rs. 1000 and in multiples of 1000, subject to a maximum limit up to Rs. 30 lakh in all SCSS accounts opened by an individual.
- If any excess deposit is made in the SCSS account, the excess amount will be refunded immediately to the depositor, and only the PO Savings Account interest rate will apply from the date of excess deposit to the date of refund.
- Investment under this scheme qualifies for the benefit of section 80C of the Income Tax Act, 1961.
SBI SCSS Account Interest Rate
Interest is payable on a quarterly basis and applies from the date of deposit to 31st March, 30th June, 30th September or 31st December. The current rate is 8.2% per annum, unchanged since April 2023.
If the interest payable every quarter is not claimed by an account holder, such interest shall not earn additional interest. Interest can be drawn through auto credit into the savings account standing at SBI bank.
Interest is taxable if the total interest in all SCSS accounts exceeds Rs. 50,000 in a financial year, and TDS at the prescribed rate shall be deducted from the total interest paid. No TDS will be deducted if form 15G/15H is submitted and the accrued interest is not above the prescribed limit.
SBI SCSS Account Premature Closure
The account can be closed prematurely any time after the date of opening, but a penalty applies. If the account is closed before 1 year, no interest will be paid, and any interest already paid will be recovered from the principal.
If the account is closed after 1 year but before 2 years from the date of opening, an amount equal to 1.5% will be deducted from the principal amount. If it is closed after 2 years but before 5 years, an amount equal to 1% will be deducted from the principal amount.
An extended account can be closed after the expiry of one year from the date of extension of the account without any deduction.
SBI SCSS Account Closure on Maturity
The account may be closed after 5 years from the date of opening by submitting the prescribed application form with the passbook at the concerned SBI bank. In case of death of the account holder, the account shall earn interest at the rate of the SBI Savings Account from the date of death.
In case the spouse is a joint holder or a sole nominee, the account can be continued till maturity if the spouse is eligible to open an SCSS account and does not have another SCSS account.
Online SBI SCSS Account Extension - Form B
The account holder may extend the account for a further period of 3 years from the date of maturity by submitting the prescribed form with the passbook at the concerned SBI bank. The account can be extended within 1 year of maturity, and the extended account shall earn interest at the rate applicable on the date of maturity.
All SCSS forms, including the account opening form and the extension form, are available on the official SBI website. Download SBI SCSS forms.
| Detail | Information |
|---|---|
| Scheme Name | Senior Citizen Saving Scheme (SCSS) |
| Bank | State Bank of India |
| Interest Rate | 8.2% per annum |
| Maximum Deposit | Rs. 30 lakh |
| Minimum Deposit | Rs. 1000 |
| Tenure | 5 years (extendable by 3 years) |
| Application Mode | Offline at SBI branch |
| Official Website | sbi.bank.in |
FAQ's
What is the current SCSS interest rate?
The Senior Citizen Saving Scheme offers 8.2% interest per annum, a rate that has stayed the same since April 2023. Interest is paid every quarter.
What is the maximum deposit limit in SBI SCSS?
The maximum deposit limit is Rs. 30 lakh per individual, raised with effect from 01.04.2023. The minimum deposit is Rs. 1000.
Who can open an SBI SCSS account?
Individuals aged 60 years and above, retired civilian employees aged 55 to 60 years, and retired defense employees aged 50 to 60 years can open the account, subject to the retirement benefit conditions.