ICICI Bank Senior Citizen Saving Scheme (SCSS) is a deposit plan for people aged 60 and above in India. It allows senior citizens to invest a lump sum and earn a fixed return. This scheme is one of the safest investment options from the Government of India, and customers can access extra benefits by joining SCSS at ICICI Bank.
The interest rates for the Senior Citizen Savings Scheme in the 2nd quarter (July-September) of the financial year 2024-25 stand at 8.2% per annum.
ICICI Senior Citizen Savings Scheme Features
Here’s the overview of ICICI Bank Senior Citizen Savings Scheme:
| Feature | Details |
|---|---|
| Minimum Investment | ₹1000 and in multiples thereof |
| Maximum Investment | ₹30 Lakh |
| Interest Rate | Determined by the Ministry of Finance periodically |
| Interest Payout | Quarterly |
| Interest Payment Dates | 1st working day of April, July, October, and January |
| Tenure | 5 years |
| Account Extension | Extendable up to 3 years |
| Premature Account Closure |
|
| Mode of Investment | Cheque / Pay Order / Demand Draft |
| Value Date | Date of realization of the cheque / DD |
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ICICI Senior Citizen Saving Scheme Interest Rate
The interest rate for the ICICI Senior Citizen Saving Scheme is adjusted periodically under the guidelines set by the Government of India.
For the second quarter (July-September) of the financial year 2024-25, the interest rate for the Senior Citizen Savings Scheme is 8.2% per annum. This rate is one of the highest available among fixed-income small savings schemes. The SCSS interest rate is reviewed quarterly and may be subject to change.
Here is the table showing the interest rates of the previous quarters:
| Quarters | Rate of Interest |
|---|---|
| (FY 2022-23) January to March | 7.4% |
| (FY 2022-23) October to December | 7.4% |
| (FY 2022-23) July to September | 7.4% |
| (FY 2022-23) April to June | 7.4% |
| (FY 2021-22) January to March | 7.4% |
| (FY 2021-22) October to December | 7.4% |
| (FY 2021-22) July to September | 7.4% |
| (FY 2021-22) April to June | 7.4% |
| (FY 2020-21) January to March | 7.4% |
| (FY 2020-21) October to December | 7.4% |
| (FY 2020-21) July to September | 7.4% |
| (FY 2020-21) April to June | 7.4% |
| (FY 2019-20) January to March | 8.6% |
| (FY 2019-20) October to December | 8.6% |
| (FY 2019-20) July to September | 8.6% |
| (FY 2019-20) April to June | 8.7% |
| (FY 2018-19) January to March | 8.7% |
| (FY 2018-19) October to December | 8.7% |
| (FY 2018-19) July to September | 8.3% |
| (FY 2018-19) April to June | 8.3% |
Eligibility for ICICI Senior Citizen Saving Scheme
The eligibility criteria for the ICICI Senior Citizen Saving Scheme (SCSS) are:
An individual can open an account under this Scheme if they:
- Are at least 60 years old on the account opening date.
- These bonds are issued by government-backed enterprises, providing a high level of safety. The risk of default on principal and interest payments is extremely low, making tax-free bonds a secure investment option.
- Are between 55 and 60 years old, have retired (superannuation or otherwise), and:
- Open the account within one month of receiving retirement benefits.
- Provide proof of disbursal and a certificate from the employer detailing retirement, benefits, and employment history.
- Retired personnel of Defence Services (excluding civilian employees) can open an account at fifty years of age, subject to other specified conditions.
- Nomination under this scheme is allowed only in favor of resident Indians.
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Senior Citizen Saving Scheme Calculator
The SCSS calculator is a useful online tool that helps senior citizens estimate their investment returns. It calculates both the maturity amount and the interest based on your contributions. The tool is easy to use, just enter the correct principal investment amount, interest rate, and tenure.Total Investment :
Senior Citizen Saving Scheme (SCSS) Calculator
Here is how you can use the SCSS calculator:
- Step 1: Go to an online SCSS calculator page.
- Step 2: Input the correct principal amount, interest rate, and tenure.
- Step 3: Get the maturity amount and interest in just seconds.
Document Required to Open SCSS Account
To apply for an ICICI Senior Citizen Saving Scheme, you need to submit the following documents:
Proof of ID and Address (Choose One):
- Aadhaar Card
- Passport
- Driving license issued by Regional Transport Authority
- Voter ID card
- Job card issued by NREGA, signed by a State Government officer
Additional Documentation for Investors Under 60 Years:
- Certificate from the employer detailing:
- Retirement on superannuation or otherwise
- Retirement benefits
- Employment history and duration with the employer
- Proof of the date of disbursal of retirement benefits (the account opening date must be within one month of receiving the retirement benefits)
Mandatory Document:
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Steps to Open SCSS Account in ICICI Bank
Here are the steps to open the ICICI Senior Citizen Savings Scheme:
- Step 1: Visit any ICICI Bank branch.
- Step 2: Request and fill out the Senior Citizen Savings Scheme application form.
- Step 3: Provide nominee details if you wish to nominate one or more individuals.
- Step 4: Make the deposit through cheque, pay order, or demand draft.
- Step 5: Submit the completed form along with the required documents.
- Step 6: Once the application is verified and payment is made, your account will be activated.
- Step 7: Receive the account passbook or statement and monitor your account regularly.
Senior Citizen Savings Scheme Taxation
Here are the tax implications for ICICI Senior Citizen Savings Scheme:
- As a senior citizen, you are eligible for a tax exemption of up to ₹1.5 lakh per year under Section 80C of the Income Tax Act, 1961.
- The interest payments are taxable.
- Driving license issued by Regional Transport Authority
- Tax Deducted at Source (TDS) is applicable if the interest earned is more than ₹50,000 in a year.
Besides SCSS, you can also check and invest in other saving & pension schemes from the table below:
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