Kids Debit Card

What’s in store for you?

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Key Benefits

Wondering If You Are Eligible?

To invest in SCSS, individuals must meet one of the following eligibility criteria:

  • Resident Individuals aged 60 years or above (especially pensioners)
  • Retired Civilian Personnel aged between 55-60 on superannuation, VRS or Special VRS
  • Retired personnel of Defence Services aged 50- 60 (excluding Civilian Defence Personnel)
  • Spouse of deceased Central & State government employee (employee who had attained 50 years at the time of demise)
  • Note:
    - A Power of Attorney holder is not eligible to open account
    - Successor or Legal Heir of employees, is not eligible to open account
    - NRI HUF, AOP, Non-Individual Entities are not eligible to open account
    - In case of a joint account, age of the primary holder is considered for eligibility
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Documents required to get you started

Mandatory Documents

  • Aadhaar card
  • PAN card

Identity & Address Proof

  • PAN card
  • Passport
  • Driving licence issued by Regional Transport Authority
  • Voter ID card
  • Job card issued by NREGA signed by State Government officer

Additional Documents

  • Additional documentation if investors’ age is above 60 years and investment is equal or more than ₹10 lakh: Proof of source of funds
  • Additional documentation for investor age is less than 60 years:
     - Certificate from the employer indicating the details of retirement
     - Proof of date of disbursal of retirement

The turnaround time

  • The turnaround time (TAT) for account opening will be three working days subject to submission and verification of all required documents as applicable basis regulatory guidelines

More About Senior Citizens Savings Scheme Account

Fees & Charges

Senior Citizens’ Savings Scheme Account Schedule Charges

Sr. No. Service Description Charges
1 Registration, change or cancellation of Nomination- Facility currently unavailable No fees
2 Issue of Statement of Account No fees
3 Transfer of account (per registration)- Facility currently unavailable
(The following cases not to be treated as transfer, as being done due to administrative reasons-
1. Accounts frozen under SCWF Rule, 2016 and closed.
/>2. Discontinued schemes account or certified closed.)		 ₹100
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Most Important Terms & Conditions

  • Quarterly interest pertaining to the SCSS will be credited only to the linked HDFC Bank savings account provided at the time of opening of account. In case the customer wishes to change the linked HDFC Bank interest credit account the customer has to approach the home branch for modification to change to another HDFC Bank savings account under the same Customer ID.
  • During interest credit, if the transaction is delayed for reasons such as incomplete/incorrect information, the Bank would not to be held responsible.
  • NRI’s & HUFs are not eligible.
  • Deposit Amount shall be minimum ₹1,000 and maximum ₹30 lakh (in multiples of 1000s’) across all banks under SCSS.
  • TDS will be deducted on interest earned as per Section 194A of the Income Tax Act. Customers eligible for exemption may submit Form 15H/G to avoid TDS deduction. However, the bank may temporarily hold the TDS at the time of crediting interest to assess total interest across all deposits. If the customer qualifies for NIL deduction, the held TDS amount will be released accordingly with the same value date.
  • The account can be extended multiple times for a tenure/block of three years each. 
  • In case an account is closed before one year after the date of opening of account, interest paid on the deposit in the account shall be recovered from the deposit. In case of premature withdrawals after one year and two years, 1.5% penalty and 1% penalty of the total amount deposited will be charged, respectively. In case the account is closed before expiry of one year from the date of extension, an amount equal to 1% of the total deposit shall be deducted.
  • The value date for interest calculation for SCSS will be considered to be the successful date of debit of deposit amount from the customers savings account.
  • For any change in the demographics, kindly reach out to the nearest HDFC bank branch. 
  • Statement of account is the proof of deposit that will be given on completion of the investment, with Nominee registration (Yes/No) mentioned clearly -Please note there is no Passbook / Deposit confirmation Advice issued for this Investment.
  • If the SCSS is funded from a joint savings account where mode of operations (MoP) is jointly, the application must bear the signatures of all account holders to confirm their awareness and consent to any related debits or credits.
  • HDFC Bank has not yet commenced SCSS accounts Transfer-In/Transfer-Out facilities from/to other banks/Post office. The system is currently under development

Declaration

  • I hereby undertake to abide by the scheme provisions and Government Savings Promotion Rules, 2018 applicable on the Scheme and amendments issued thereto from time to time. Details of my/our other accounts under the Scheme are as mentioned in the account opening form.
  • I declare that I/ we are resident citizen of India and undertake to inform the account office of any change in our residency/ citizenship status in future.
  • I/ We shall adhere to the ceiling on deposits (currently ₹ 30,00,000 /- and as amended from time to time), taking the deposits in all the accounts opened by me/ us together. If at any time, any excess deposit is found within or outside the bank, such excess deposit shall be refunded to me/ us after recovery of excess interest. The minimum amount of the deposit under this scheme shall be ₹ 1000/- and in multiple of Rs.1000/-. The joint accounts can be opened subject to scheme guidelines. The period of the deposit shall be 5 (five) years and extendable by a block of 3 (three) years each time. There shall be penalty for premature withdrawal of the deposits. 
  • The deposits in the account shall be restricted to the retirement benefits received, or thirty lakh rupees, whichever is lower.
  • As per SCSS guidelines, Interest rates are subject to change from time to time. Applicable interest rates will be given as on the date / time of receipt of the funds by the bank
  • I/ We declare that nomination under the said scheme can be done only in favour of Resident Indians or NRI only.


I also declare that the information provided by me / us* in the application herein above, is true to the best of my/our knowledge and belief and in case, at any time, any of the information and / or declaration is found to have been false, no interest on the deposits shall be payable to me/us*, and HDFC Bank shall close the account(s) and refund the deposits after recovery of the interest, if any already paid on the deposits.

Redemption Limit

Overview of Senior Citizens Savings Scheme Account

The Senior Citizens Savings Scheme (SCSS) is a government-backed savings option designed to offer financial security and consistent income to individuals aged 60 and above. With HDFC Bank’s SCSS Account, you can invest in this scheme and enjoy attractive interest rates, good returns, and the safety you need for a worry-free retirement.

The following are some of the key benefits of the SCSS Account:

Reliable, Government-Backed Investment

Enjoy the safety and assurance of a scheme supported by the Government of India.

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Attractive Interest Rate

Earn competitive returns to support your financial needs during retirement.

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High Investment Limit

Invest up to ₹30 lakhs, offering flexibility for both modest and large savings.

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Quarterly Payouts

Receive good returns every quarter, ensuring a steady and dependable income stream.

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Tax Benefits

Avail tax deduction under Section 80C of the Income Tax Act.

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Eligibility Criteria of the SCSS Account

To invest in the Senior Citizens Savings Scheme (SCSS), individuals must meet one of the following criteria:

  • Resident individuals aged 60 years or above, particularly senior citizens and pensioners.

  • Retired civilian employees aged between 55 and 60 years, who have retired on superannuation, voluntary retirement (VRS), or under a special VRS.

  • Retired personnel from Defence Services aged between 50 and 60 years (excluding civilian defence employees).

  • Spouse of a deceased Central or State Government employee, where the employee had attained the age of 50 years or above at the time of death and the spouse receives a family pension.

To open a Senior Citizen Savings Account (SCSS):

  • Visit your nearest HDFC Bank branch

  • Submit the duly filled application form along with the required documents

This scheme allows a maximum deposit of ₹30 lakh with an initial tenure of 5 years, which can be extended once for an additional 3 years. Investments under this scheme are eligible for tax deductions under Section 80C of the Income Tax Act. However, interest earned is fully taxable as per the applicable income tax slab.

The following documents are required to open an SCSS Account:

  • Duly filled SCSS Account Opening Form

  • Passport-size photograph of the applicant

  • Self-attested copy of PAN Card

  • Self-attested copy of Aadhaar Card, along with the Non-DBT Aadhaar Declaration

  • Additional documents based on the applicant’s eligibility category (e.g., retirement proof, pension order, etc.)

Frequently Asked Questions

Statement of account (Pass sheet) is the proof of deposit that will be given on opening of the investment, with Nominee registration (Yes/No) mentioned clearly - Please note there is no Passbook / Deposit confirmation advice issued for this investment by the Bank. 

No, interest earned on the Senior Citizen Savings Scheme Account interest is not tax free. TDS will be deducted on interest earned as per Section 194A of the Income Tax Act. 

Senior Citizen Savings Scheme (SCSS) is a government-sponsored savings, intending to provide senior citizens with a steady and secure source of income for their post-retirement life. 

Yes, SCSS interest rate is fixed for 5 years at the time of account opening. It will only change upon start of extension period if applicable. 

No, the account shall be opened with a minimum deposit of ₹1,000 and any sum in multiple of ₹1,000 not exceeding of ₹30 lakh across all banks / Post office. 

No, currently the NetBanking and MobileBanking facility for SCSS deposit is currently under development. 

No, Transfer in / Transfer out facilities from/to other banks/Post office are under development. 

No, Non-resident Indians (NRI), Persons of Indian Origin and Hindu Undivided Family (HUF) are not eligible to invest in the SCSS. Only Resident Indians are eligible to invest in SCSS. 

Post submission of application and processing at Operations, funds will be debited from the customer savings account, the value date will be date of debit from the account. 

The turnaround time (TAT) for account opening will be three working days subject to submission and verification of all required documents as applicable basis regulatory guidelines.