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The government recently said that the interest rate on Senior Citizen Savings Scheme (SCSS) will remain unchanged at 8.2 per cent April to June 2025. Its decision marks the fifth consecutive quarter without any revisions to the interest rates for small savings schemes.
The government reviews SCSS every quarter and makes rate revisions if deemed necessary. The interest is fully taxable and is paid out quarterly.
An SCSS account can be opened with a minimum deposit of Rs 1,000, and additional deposits can be made in multiples of Rs 1,000, up to a maximum limit of Rs 30 lakh. The deposit has a tenure of five years, with an option to extend it for an additional three years.
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The government has also decided to keep interest rates for small savings schemes unchanged for the April to June quarter of FY26. Post office saving schemes were last revised in the January-March quarter of FY24, when the government increased rates for three-year time deposits and Sukanya Samriddhi Yojana (SSY). Specifically, the interest rate for three-year time deposits was raised from 7 per cent to 7.1 per cent, while the SSY rate was increased from 8 per cent to 8.2 per cent. The interest rates for all other small savings schemes remained the same.
SCSS premature closure rules
The account may be closed at any time after it is opened.
If closed within the first year, no interest will be paid, and any credited interest will be recovered.
If closed after one year but before completing two years, a penalty of 1.5 per cent of the principal amount will be deducted.
If closed after two years but before completing five years, a penalty of 1 per cent of the principal amount will be deducted.
Extended accounts may be closed after one year of extension without any deductions.
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