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Saving Scheme for Senior Citizens
Emoha Elder Care

Financial security is of utmost importance after retirement. It entails having a steady flow of income, being able to manage regular expenses without any strain, having no debts, and enough resources to cover unexpected emergencies. Although this is important for everyone, it becomes extremely crucial in old age when an individual has retired and has no permanent income to support their livelihood. 

To aid retired senior citizens, the government has launched many saving schemes and programmes. Post Office Senior Citizens Savings Scheme is one of them. Senior citizens over the age of 60 can apply for the Post Office Senior Citizen Scheme.


Post Office Senior Citizen Savings Scheme (SCSS)

The Post Office Senior Citizens Savings Scheme (SCSS) is available at Indian post offices. This Post Office Senior Citizen Scheme provides the elderly with a secure source of income that has tax-saving benefits as well. Backed by the government, this post office scheme is perfect for SR (senior) citizens over 60 years of age.

Also, individuals who are over 55 years but have not crossed 60, can apply for Post Office Senior Citizen Saving Scheme if they are on voluntary retirement or superannuation. However, it is subject to terms and conditions in the case of superannuation.


Post Office Senior Citizen Savings Scheme and Financial Security

Applying for a post office scheme for an SR citizen can be a good option to ensure a steady source of income after retirement. Somewhat similar to the concept of Fixed Deposit (FD), a post Office Senior Citizen Scheme is a long-term and secure saving option with a better percentage of interest than regular FDs. These Post Office Senior Citizen Pension Schemes can be availed through authorised banks and post offices across India. 


Eligibility for Post Office Senior Citizen Saving Scheme

Primarily available for senior citizens over 60 years of age, the following individuals are also eligible for Post Office Senior Citizen Saving Scheme:


  • Retired individuals between 55 years to 60 years can also apply for the post-office senior citizen scheme if they are on voluntary retirement or superannuation. However, the account must be opened within 1 month of receiving retirement benefits.
  • Retired defence employees with a minimum age of 50 years can apply for a senior citizen pension scheme in a post office.


Interest Rate

Unlike regular FD, the post office scheme for senior citizens offers a better rate of interest. Starting from 7.6%, the percentage may go up to 8.6%. (Note: Refer to the official website of India Post for current interest rates on the scheme.) Interest rates in post office schemes for senior citizen may vary based on the quarter, tenure, and pension scheme.


How to Apply for Senior Citizens Scheme in Post Office

Firstly, an individual needs to open a Senior Citizen Saving/Pension Scheme account in a post office or any of the authorized banks. Here is a list of all the required documents:

1.    A form for opening a Senior Citizen Saving/Pension Scheme account. (It is available both online and at post office and banks)
2.    Proof of Identity, such as PAN card or Passport.
3.    Proof of Address, such as Telephone, Electricity, or Water Bill, and Aadhaar card.
4.    Proof of Age such as Passport, a Birth certificate, Voter ID card, PAN card, and Aadhaar Card etc.
5.    Recent passport size photographs.
6.    All the certificates and documents validating retirement or superannuation.

Note: All the aforementioned documents must be self-attested.

With a good rate of interest, a Post Office Pension Scheme for senior citizens can be a beneficial and secure way of saving and at the same time, having financial security. One can visit the nearest post office to understand the senior citizen scheme and its benefits. We believe such informative topics enable us to provide holistic know-how along with EMOHA elder care services for the elderly, and hence, we’ll be picking up more of these in the blogs to follow. For us, it is always #EldersFirst