ICICI Senior Citizen Saving Scheme

ICICI Senior Citizen Saving Scheme is a specially designed fixed deposit scheme for senior citizens of India, offered by the ICICI Bank from 2019. The scheme offers attractive interest rates and flexible tenures as primary benefits. It aims to provide financial security and stability to individuals above 60 years, who are looking for safe investment options with guaranteed returns. Let us learn the features and benefits of the SCSS ICICI Bank Scheme from this article.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is ICICI Senior Citizen Saving Scheme (SCSS)?

ICICI Senior Citizen Saving Scheme (SCSS) is a fixed deposit scheme exclusively designed for senior citizens in India, aged 60 years and above. The scheme allows senior citizens to invest a lump sum amount in a fixed deposit and earn a fixed rate of return on their investment.

The Senior Citizen Saving Scheme (SCSS) is one of the safest investment options the Government of India offers. Customers can avail of extra benefits and facilities by joining the ICICI Senior Citizen Saving Scheme.

Features of ICICI Senior Citizen Saving Scheme

Features	Details
Scheme Launched By	Government of India
SCSS Interest Rate	Decided by the Ministry of Finance Periodically
Age Limit	Senior Citizens: 60 years & above Superannuation/ VRS/ Special VRS Retirement: 55-60 years of age Ex-Servicemen from Defence Services: 50 years of age
SCSS ICICI Bank Account Type	Single Account Holder Joint Account Holder
Nomination Facility	Available (in favour of Resident Indian Citizens Only)
Returns Type	Guaranteed Returns
Minimum Amount of Investment	Rs 1,000 Multiples of Rs. 1000 from thereon
Maximum Amount of Investment	Rs. 30 Lakhs
Maturity Period	5 Years Extendable by 3 Years (upon requesting within 1 year from maturity)
ICICI SCSS Interest Rate 2024	8.20% p.a. (Applicable from 1st April 2024 until 31st March 2025)
Interest Compounded	Quarterly
Premature Exit	<1 Year of Account: penalty on quarterly interest accumulated 1-2 Years of Account: Penalty at 1.5% of remaining balance >2 Years of Account: Penalty at 1% of remaining balance
Investment Modes	Cheque Pay Order DD against “ICICI Bank Senior Citizen Savings Scheme, 2019”
ICICI Bank SCSS Tax Benefits	Tax Deductions of up to Rs. 1.5 lakhs u/ Sec 80C of the IT Act, 1961
Taxation	TDS is levied on the interest earned (if higher than Rs. 10,000 annually)
For Tax Exemption	Submit Form 15H with ITR (if taxable income falls within basic tax exemption limits)

Eligibility Criteria of ICICI Senior Citizen Saving Scheme (SCSS)

The eligibility criteria for the Senior Citizen Saving Scheme ICICI (SCSS) are as follows:

Entry Age:
- Single Account Senior Citizens: 60 years or above
- Joint Account Senior Citizens: Both the account holders must be aged 60 years or above
- Retired/ VRS/ Superannuation Employee: 55 years or above
- Retired Defence Personnel: 50 years or above
Citizenship: Indian citizen
Maximum Number of Accounts: One (Single/ Joint Account)
Source of Income: A regular source of income

Documents Required to Open ICICI Senior Citizen Saving Scheme Account

To open an account under ICICI Senior Citizen Saving Scheme Account, the following documents are generally required:

Aadhar Card
Valid Passport
PAN Card
Voter ID Card
Driving License
Job Card u/ NREGA Scheme

Additional documents are required if the investor is below 60 years of age:

Employer’s Certificate with details:
- Superannuation/ Voluntary Retirement
- Retirement Benefits
- Period of Employment
- Employment Specifications
Retirement Benefits Disbursal Proof:
- SCSS ICICI Bank account should be opened within 1 month of receiving retirement benefits

ICICI Senior Citizen Saving Scheme Interest Rate

List of SCSS interest rates in previous quarters:

Year	Rate of Interest (%)
Aug 02, 2004 - Mar 31, 2012	9.0
Apr 01, 2012 - Mar 31, 2013	9.30
Apr 01, 2013 - Mar 31, 2015	9.20
Apr 01, 2015 - Mar 31, 2016	9.30
Apr 01, 2016 - Sep 30, 2016	8.60
Oct 01, 2016 - Mar 31, 2017	8.50
Apr 01, 2017 - Jun 30, 2017	8.40
Jul 01, 2017 - Sep 30, 2018	8.30
Oct 01, 2018 - Jun 30, 2019	8.70
Jul 01, 2019 - Mar 31, 2020	8.60
Apr 01, 2020 - Sep 30, 2022	7.40
Oct 01, 2022 - Dec 31, 2022	7.60
Jan 01, 2023 - Mar 31, 2023	8.00
Apr 01, 2023 - Mar 31, 2024	8.20
Apr 01 2024 - Jul 31, 2024	8.20

The ICICI Senior Citizen Saving Scheme interest rate is high as compared to savings schemes.
The ICICI Senior Citizen Saving Scheme interest rate is fixed and paid out every quarter directly in the SCSS ICICI Bank Account of the customers.

ICICI Senior Citizen Saving Scheme Calculator

You can use the ICICI SCSS calculator to estimate the returns and interest earned on your investments in this scheme. To use online calculator, follow these steps:

Step 1: Go to the Policybazaar SCSS calculator webpage

Step 2: Select the values of the following:

Investment Amount (amount you want to pay in a lump sum)
Investment Tenure
How long do you want to stay invested for
Interest rate is pre-decided at 8.2% p.a.

Step 3: Result

The Senior Citizen Savings Scheme (SCSS) calculator will display the maturity value of your investment.

Benefits of ICICI Bank Senior Citizen Saving Scheme

Here are some of the benefits of investing in the ICICI Bank SCSS:

High Rate of Interest: The ICICI Bank Senior Citizen Saving Scheme offers higher interest rates than regular savings accounts, fixed deposits, and other savings schemes.
Guaranteed Returns: The returns on the ICICI Bank Senior Citizen Saving Scheme (SCSS) are guaranteed and fixed, making it a safe and secure investment.
Tax Benefits: The investment amount in the ICICI Bank Senior Citizen Saving Scheme (SCSS) is eligible for tax deductions under Section 80C of the Income Tax Act of 1961.
Loan Facility: Senior citizens can avail of a loan against their SCSS account balance.
Nomination Facility: The ICICI Bank SCSS offers a nomination facility, which allows senior citizens to nominate a beneficiary who will receive the investment amount in case of their demise.

Tax Benefits of ICICI Senior Citizen Saving Scheme

The amount invested in SCSS is eligible for a tax deduction of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. This means you can reduce your taxable income by the amount invested in SCSS.
The interest earned on your SCSS investment is taxable as per your income tax slab.
If the annual interest income from your SCSS account exceeds Rs. 50,000, Tax Deducted at Source (TDS) will be applicable.

Wrapping It Up!

ICICI Senior Citizen Savings Scheme is a popular investment option for senior citizens in India due to its higher interest rate, guaranteed returns, and multiple other benefits. If you are a senior citizen looking for a secure and rewarding investment option, the ICICI Senior Citizen Savings Scheme could be a good choice for you.

FAQs

What is the interest rate of the senior citizen scheme in ICICI Bank?- Change existing

As of July 2024, the interest rate offered on the ICICI Bank Senior Citizen Saving Scheme is 8.20% p.a.
What is the age limit for opening a Senior Citizen Savings Account?

Individuals aged 60 and above are eligible to open a Senior Citizen Savings Account by providing the necessary documentation.
Can a joint SCSS account be opened with a family member?

A joint SCSS account can only be opened with a spouse, with a maximum investment limit of Rs. 15 lakh, in multiples of Rs. 1000.
What are the criteria for opening a joint Senior Citizen Savings Account?

For a joint SCSS account, the primary account holder must be over 60 years old. There is no age limit for the second applicant. However, the joint account can only be opened with a spouse, and the entire account balance will be attributed to the primary account holder.
What are the charges for early withdrawal?

The penalty for premature withdrawal ranges between 1% and 1.5%, depending on the duration.
What is the minimum balance in ICICI Bank for senior citizens?

The minimum balance required to join the ICICI Bank Senior Citizen Scheme is Rs. 1,000 and the maximum amount allowed to invest is Rs. 30 lakhs.
Which bank is best for SCSS?
Several banks in India offer the Senior Citizen Savings Scheme (SCSS), and the best bank for SCSS would depend on various factors such as:
- Current interest rate
- Ease of investment
- Customer service
- Overall reputation of the bank
Some of the popular banks that offer SCSS in India include:
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Punjab National Bank (PNB)
- Bank of Baroda (BOB)

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Past 10 Years' annualised returns as on 01-12-2024

^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%

¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.

**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).