HomeDept of Posts Orders 2020Eligibility for opening of Senior Citizen Savings Scheme Accounts

Eligibility for opening of Senior Citizen Savings Scheme Accounts

Eligibility for opening of Senior Citizen Savings Scheme Accounts

File No. FS-10/17/2020-FS
Govt. of India
Ministry of Communications
Department of Posts
(F.S. Division)

Dak Bhawan, New Delhi-110001
Dated: 07.12.2020

All Heads of Circle

Subject: Eligibility for opening of Senior Citizen Savings Scheme Accounts Reg.

Sir / Madam,

A POSB customer, formerly employed with M/s. Abbott Healthcare, Tanjore has sought for clarification through email whether he being a retired from a private company and 58 years of age is eligible to open SCSS account.

Detailed procedure related to opening of SCSS accounts have been laid down in Senior Citizen Savings Scheme notified vide G.S.R. 916(E) dated 12.12.2019. More specifically, Rule 3 (ii) of Senior Citizen Savings Scheme 2019 specifies, “an individual who has attained the age of fifty-five years or more but less than sixty years, and who has retired on superannuation or otherwise on the date of opening of an account under this Scheme is eligible to open the account, subject to the condition that the account is opened by such individual within one month of the date of receipt of the retirement benefits and proof of date of disbursal of such retirement benefit(s) along with a certificate from the employer indicating the details of retirement on superannuation or otherwise, retirement benefits, employment held and period of such employment with the employer, is attached with the application form”.

Also Read :

Process for transfer of account in National (Small) Savings Schemes – SB Order No. 37/2020

DoP SB Order : Issuance of Duplicate Certificates Kisan Vikas Patra / National Savings Certificate

Relaxation provisions in Small Savings Schemes

The rule doesn’t specify category of employer. Any customer fulfilling the conditions laid out in the Scheme is allowed to open SCSS account in the post office of his choice. This may be circulated to all the post offices.

This issues with the approval of DDG (FS).

Asst. Director (SB-I)

Signed Copy

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  1. Science the SCSS is introduced ceiling limit is kept at the same level of Rs 15 lakhs. Kindly increase it to Rs 50 lakhs or remove the ceiling limit

  2. Especially In SCSS why a nominee’s photo and signature are required while in other saving schemes these are not required. This is becoming an impediment in opening the account when the nominee is abroad ,though still being an lndian citizen.
    Further ,two witnesses are required when a guardian is named if the nominee is a minor not when a nominee is a major.But the SBI refuse to open a/c because of not getting witness signature, though the nominee is 36 yrs of age kindly direct the concerned . Issue revised nominee form.
    Further ,a couple,both Sr citizens, and each ,as first person ,invest Rs 15 lakhs, the ceiling amount for as a person.And on the death of a spouse how dead spouse’s account is transferred to the surviving spouse ( who is a second named in joint account) who has also invested Rs 15 lakhs and any penalty is imposed . Death being a VI’s-major I suggest that in such an event the ceiling for the surviving spouse be Rs 30 lakhs duly endorsing as so.
    Renewal: is it with interest as in the original or as prevailing at the time of reinvestment.?
    please clarify above three points. Advise post office and SBI with a copy to me to my e-mail.


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