HDFC Bank has launched Senior Citizen Savings Scheme (SCSS). In this HDFC SCSS scheme, customers get a guaranteed interest rate of 8.2% per annum. However, this scheme is only for senior citizens who are 60 years of age and above. So let’s know about this scheme in detail.
HDFC Senior Citizen Savings Scheme (SCSS) 2025
What is HDFC SCSS?
Senior Citizen Savings Scheme (SCSS) is specially designed for retirees. This scheme is open to persons above 60 years of age as well as people between 55 to 60 years who have taken voluntary retirement (VRS) or special VRS. People retired from defense services can also avail this scheme at the age of 50.
Who Can Invest in HDFC SCSS?
1. Persons aged 60 years or above.
2. Retired citizens between 55 and 60 years (through VRS or Special VRS).
3. Defence retired personnel aged 50 years or above.
Benefits of HDFC SCSS
1. Investment in SCSS gives a guaranteed return of 8.2% per annum.
2. Investment made in this scheme is eligible for tax exemption up to Rs 1.5 lakh under section 80C of the Income Tax Act.
3. Interest is credited to the depositor’s savings account every quarter, which becomes a source of regular income for retirees.
4. A person can deposit up to Rs 30 lakh in this account.
5. The tenure of the account is 5 years, which can be extended for another 3 years.
How to Open an SCSS Account in HDFC Bank?
You have to go to the HDFC bank branch and submit some necessary documents. The documents required to open an account include age certificate, PAN card, Aadhaar card and passport size photo.
