The SBI senior citizen saving scheme is not an SBI product: it is the government's Senior Citizen Savings Scheme, which SBI is authorised to open on the government's behalf. The rate is the same 8.2% as at the post office, paid quarterly, with the same ₹30 lakh limit and the same rules.
This site is not affiliated with SBI; this is an independent explanation. Below: what is identical, what differs when you go through a bank, how to open SCSS in SBI, and how to move an existing account.
At a glance
Rate at SBI
8.2%, same as post officeLimit
₹30 lakh across all SCSS accountsPayout
Quarterly, to your SBI savings accountOpening
At a branch; online where offeredTransfer
Allowed between banks and post office
SBI senior citizen saving scheme vs post office SCSS
| At SBI | At the post office | |
|---|---|---|
| Interest rate | 8.2% | 8.2% |
| Limit, eligibility, term | Same | Same |
| Interest credited to | Your SBI savings account | Your post office savings account |
| Who owes the money | Government of India | Government of India |
| Convenience | Bank app and branch network | Post office counter, wide rural reach |
Choose by convenience. If your pension and savings already sit with SBI, opening SCSS there keeps everything in one place.
SBI senior citizen savings scheme interest rate
SBI does not decide this rate; the Finance Ministry does, so the senior citizen savings scheme interest rate at SBI always equals the national figure, now 8.2%. It does not change with SBI's own FD rates. ₹10 lakh therefore earns ₹20,500 per quarter. See the SCSS calculator for other amounts.
How to open senior citizen saving scheme in SBI
- Visit your SBI home branch with Aadhaar, PAN, age proof and two photos. If you are between 55 and 60 and retired, bring proof of retirement and the benefits paid.
- Ask for the SCSS account opening form (Form A under the scheme rules) and fill in the nominee.
- Deposit by cheque or transfer from your SBI account for amounts of ₹1 lakh or more.
- Collect the passbook or deposit receipt and check the rate and maturity date.
Some SBI customers can open SCSS through internet banking where the service is offered; the branch can confirm.
SBI senior citizen saving scheme form and documents
| Need | Form or document |
|---|---|
| Open the account | SCSS account opening form |
| Add or change nominee | Nomination form |
| Extend after 5 years | Extension form, within 1 year of maturity |
| Close early | Premature closure form |
| Avoid TDS | Form 15H each financial year |
Other banks that run SCSS
Besides SBI, many public sector banks such as Bank of Baroda, Punjab National Bank, Canara Bank and Union Bank, and a few private banks, are authorised to open SCSS. The scheme is identical everywhere. Bank offers like an extra senior citizen FD rate do not apply to SCSS, because it is a government account, not a bank deposit.
Moving SCSS between SBI and the post office
You can transfer an SCSS account from a post office to SBI or the other way round without breaking it. The request goes to the office holding the account, and the opening date, rate and maturity move unchanged. This is useful if you move city or want everything with one institution.
Read the main SCSS guide and the rule book for everything else.
Frequently asked questions
Is SBI senior citizen saving scheme interest rate higher than the post office?
No. Both pay the same government rate, 8.2% this quarter.
Can I open SCSS in SBI online?
SBI offers it online for some customers; otherwise open it at the branch.
Can I hold SCSS in both SBI and the post office?
Yes, but the total across all accounts cannot exceed ₹30 lakh.
Is SBI SCSS safe?
Yes. The money is owed by the Government of India, not by the bank.
Does SBI give extra senior citizen interest on SCSS?
No. The bank's senior citizen extra applies to its own FDs, not to SCSS.
Can I get SCSS interest in my SBI account if the SCSS is at the post office?
Post office SCSS interest is normally credited to a post office savings account. If you want it in SBI, open the SCSS at SBI, or transfer the account there.