SCSS Interest rate: Senior Citizens’ Savings Scheme: Govt clarifies on interest rate payable after death of SCSS account holder


The Ministry of Finance, said in a press release issued on September 29, 2022, that it has been observed that when a Senior Citizens’ Savings Scheme (SCSS) account holder passes away, the operating agencies close the account and consider it to have been closed prematurely.

A retirement savings plan specifically created for senior citizens, or those over 60, is called the Senior Citizens’ Savings Scheme (SCSS). Government policy determines the SCSS’s interest rate, and it gives account holders a steady income during their retirement. SCSS account can be opened by filling the form and by depositing minimum amount of Rs 1,000 or any sum in multiples of Rs 1,000.

According to the PIB release, attention is drawn to Rule 7(2) of SCSS, and the following is clarified:

  • In cases where the SCSS account holder/s passes away and the account is being closed on request of the nominee/legal heir, the rate of interest as applicable on SCSS scheme shall be paid till the date of demise the account holder. Thereafter, the interest rate applicable on Post Office Savings Account shall be paid from the date of demise of the account holder till the date of final closure of the account.
  • Premature closure clause does not trigger on account of demise of the SCSS account holder. The premature closure of the account is applicable only when the SCSS account holder requests for closure of own SCSS account before the maturity period. In such cases of premature closure of the account, a penalty shall be levied as mentioned in the rule 6 of the SCSS.

Who is eligible for investment in SCSS 2004 Scheme

Citizens who are 60 years of age or older may open an account. Between the ages of 55 and 60, those who have chosen the Voluntary Retirement Scheme (VRS) or superannuation may do so, whereas retired members of the armed forces may do so between the ages of 50 and 60. After obtaining retirement income, investments must be made in the SCSS account within one month.

Interest rate on SCSS

According to the India Post website, below are important points on interest payment of the scheme.

(i) Interest shall be payable on quarterly basis and applicable from the date of deposit to 31st March/30th June/30th September/31st December.

(ii) If the interest payable every quarter is not claimed by an account holder, such interest shall not earn additional interest.

(iii) Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of SCSS account at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post Offices.

(iv) Interest is taxable if 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 15 G/15H is submitted and accrued interest is not above prescribed limit.



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