HDFC Bank is now accepting deposits under Senior Citizens' Savings Scheme

 

India's leading private sector bank, HDFC Bank will now accept deposits under the Senior Citizens’ Savings Scheme (SCSS), a savings instrument run by the Government of India for the elderly.

 

"HDFC Bank will act as an agency bank for the Government of India and help source scheme deposits, while providing seamless service to customers. All eligible customers can apply for SCSS by visiting any branch of the Bank," the bank said in a statement.

 

As of March 17, 2025, the Senior Citizen Savings Scheme (SCSS) interest rate is 8.2% per annum. This rate is fixed by the government and is applicable for the period from April 1, 2024, to March 31, 2025

 

Customers eligible for this scheme include individuals at or above the age of 60 and people who have superannuated at/above the age of 55 years. Further, retired personnel of Defence Services are also eligible to apply for the scheme on attaining the age of 50 years.

 

Investment in SCSS is eligible for benefits under Section 80C of the Income-Tax Act. The scheme offers a quarterly interest payout with a five-year lock-in period. It is extendable by three years, multiple times. In addition, the rate of interest offered under SCSS is notified by the Government from time to time.

 

“As one of the leading agency banks, we are pleased to offer yet another scheme under the umbrella of the Government of India’s flagship National Small Savings Schemes programme. The SCSS helps the elderly citizens of the country to cultivate a steady income stream basis an attractive interest rate offered under the plan. Being eligible for consideration under Section 80C for income tax computation is an added benefit of the scheme," said  Parag Rao, Country Head – Payments, Liability Products, Consumer Finance and Marketing, HDFC Bank.

 

SCSS complements the Bank’s existing government-backed offerings like the Public Provident Fund and the Sukanya Samriddhi Account Scheme.

 

In FY24, tax collections across the country by HDFC Bank crossed Rs 10 lakh crore,making it rank among the top three agency banks for the Government, according to data reported by the Press Information Bureau and the Controller General of Accounts, Government of India.

 

Here is a list of other banks operating Senior Citizens' Savings Scheme (SCSS) as per RBI

Andhra Bank

Allahabad Bank

Bank of Baroda

Bank of India

Bank of Maharashtra

Canara Bank

Central Bank of India

Corporation Bank

Dena Bank

Indian Bank

 Indian Overseas Bank

Oriental Bank of Commerce

Punjab National Bank

State Bank of Bikaner & Jaipur

State Bank of Hyderabad

State Bank of India

State Bank of Mysore

State Bank of Patiala

State Bank of Travancore

Syndicate Bank

UCO Bank

Union Bank of India

United Bank of India

Vijaya Bank

IDBI Bank Ltd.

ICICI Bank Ltd.