Top News

Backed by the Government of India, this savings scheme offers lucrative interest rates, and one can invest up to Rs 30 lakhs in this SCSS. You can open your SCSS account through any bank or post office. However, here we will discuss how to open SCSS account in SBI. SCSS account with SBI Senior citizens aged 60 years or above can open their SCSS account with India's largest public sector lender - State Bank of India (SBI) after meeting certain criteria. SCSS SBI interest rate The interest rate is fixed at 8.20% per annum with effect from 01.04.2023. However, senior citizens must note that if they do not claim the interest which is payable every quarter, their interest shall not earn additional interest. SCSS account in SBI features Deposit: As per SBI's website, "The account shall be opened with a minimum deposit of one thousand rupees or any sum in multiple of one thousand rupees not exceeding Rupees Rs 30 Lakhs w.e.f. 01.04.2023." Meanwhile, senior citizens can extend the account for a further period of three years after the maturity period of five years. The lender has also highlighted that, "The deposit made at the time of opening of the account shall be paid on or after the expiry of five years or after the expiry of eight years where the account was extended from the date of the opening of the account." Also, "Premature Payment Permitted at any time after opening the account but with penalty." How to open SCSS account in SBI? Senior citizens can open their SCSS account via SCSS account opening form in SBI. Moreover, senior citizens can open an SCSS account individually or jointly with their spouse. An individual who has attained the age of 55 years or more but less than 60 years and who has retired on superannuation or otherwise on the date of opening an account. The retired personnel of Defence Services attaining the age of fifty years are eligible for opening SCSS account in SBI. However, NRI's & Hindu Undivided Family are not eligible to open an account under these rules.