SBI, ICICI to HDFC Bank: List of 26 banks to open Senior Citizen Savings Scheme (SCSS) account

Apart from the post office, as many as 26 government and private banks offer the Senior Citizens' Savings Scheme (SCSS). HDFC Bank is the latest addition to this list of financial institutions offering the SCSS scheme.

In a statement, the HDFC Bank has said it will act as an agency for the Government of India to help source SCSS deposits. The bank also said that it will offer a seamless service to customers.

As per the statement, eligible customers can visit any HDFC bank branch to open their SCSS account.

HDFC Bank also offers other small savings schemes such as the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY).

List of banks offering SCSS account

Who can invest in SCSS?

An SCSS account can be opened by a senior citizen aged above 60 years. Civilian employees who have retired at or after the age of 55 years can also open SCSS accounts. For defence services, this age limit is 50 years.

SCSS is a small savings scheme run by the Government of India for senior citizens.

SCSS is currently offering 8.2% interest to senior citizens. Senior citizens can deposit up to ₹30 lakh under this scheme.

Deposits under SCSS mature in 5 years. However, senior citizens have the option to extend their deposits for another three years. The SCSS scheme offers quarterly interest payout in the linked savings bank account of senior citizens.