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ICICI Bank ICICI Bank

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Key Features of the Senior Citizens' Savings Scheme

  • Direct credit of interest to your ICICI Bank Account

  • Quarterly updates on deposit balance and transactions

  • Customer Care support for any queries

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About Senior Citizens

Government-Backed Security

Senior Citizens’ Savings Scheme, 2019 is a Government of India product offering safe and reliable returns with an interest rate of 8.2%* p.a., revised quarterly.

Who Can Apply?

Available for individuals aged 60 years or above. Certain retirees aged 55–60 may also be eligible under specific conditions as per government norms.

Simple Application Process

Eligible individuals can open an SCSS account by submitting Form A, valid ID, age, and address proof at any ICICI Bank branch.

Important to Know

TDS is applicable on the quarterly interest. To claim exemption, submit Form 15H at the ICICI Bank branch every financial year. Interest is credited directly to your ICICI account.

*Disclaimer

The interest rate is 8.2% p.a. as of May 2025 is subject to quarterly revision by the Ministry of Finance and may change every three months. 

FAQs

What is the Senior Citizens’ Savings Scheme (SCSS)?

The SCSS is a government-backed savings scheme for individuals aged 60 and above, offering assured returns with a current interest rate of 8.2%, paid quarterly.

Who can open an SCSS account?

Any Indian citizen aged 60 years or above is eligible. Retirees aged 55–60 can also apply if they meet certain conditions specified by the government.

What is the interest rate and how is it paid?

The interest rate is 8.2% (as of 01.04.2023) and is revised quarterly by the Ministry of Finance. Interest is credited quarterly to your ICICI Bank account.

Are there any tax deductions on the interest?

Yes, TDS is applicable on interest earned. To seek exemption, eligible individuals must submit Form 15H at their nearest ICICI Bank branch each financial year.

What documents are required to apply?

You need to submit ID proof (Aadhaar/PAN), address proof, age proof, ICICI Bank account details, and a filled Form A to open an SCSS account.

Disclaimer

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