HDFC Bank Begins Accepting Senior Citizens’ Savings Scheme Deposits, Check Eligibility, Interest Rate, And More

The scheme requires a minimum lock-in period of 5 years, with an option for multiple 3-year extensions. Interest is disbursed quarterly, providing a consistent source of income for senior citizens.

HDFC Bank started accepting deposits under the Senior Citizens’ Savings Scheme (SCSS), a government-backed savings plan designed for senior citizens. This move enables the bank to function as an agency bank for the Government of India, offering a platform for eligible customers to invest in the scheme.

Issuing a statement, the lender said, "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," reported Business Standard.

All About Senior Citizens' Savings Scheme

The scheme is open to individuals aged 60 and above, as well as those who have retired at or after 55 years of age. Additionally, retired Defence Services personnel can participate in the scheme upon reaching the age of 50.

As of March 17, 2025, the SCSS offers an annual interest rate of 8.2 per cent, fixed by the government for the period between April 1, 2024, and March 31, 2025.

The scheme requires a minimum lock-in period of five years, with an option for multiple three-year extensions. Interest is disbursed quarterly, providing a consistent source of income for senior citizens.

Investments in SCSS are eligible for tax benefits under Section 80C of the Income-Tax Act, making it more lucrative for the taxpayers.

Commenting on this development, Parag Rao, Country Head – Payments, Liability Products, Consumer Finance, and Marketing at HDFC Bank, stated, "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."

The SCSS adds to HDFC Bank’s portfolio of government-backed savings products, such as the Public Provident Fund and the Sukanya Samriddhi Account Scheme.

Apart from HDFC Bank, customers can also avail the benefits of SCSS scheme through these banks, namely, Andhra 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, and Allahabad Bank.