Senior Citizen Savings Scheme (SCSS) Interest Rate History from 2004 to May 2023: While the current SCSS Interest Rate is just 8.2%, there was a time when this scheme used to offer 9.3% interest to senior citizens while the deposit limit was Rs 15 lakh. The Government has now increased the SCSS deposit limit to Rs 30 lakh for an individual from FY 2023-24.
The history of SCSS interest rates shows that the Senior Citizen Savings Scheme Account interest rate between 02-08-2004 to 31-03-2012 was 9%. Between 01-04-2012 to 31-03-2013, the SCSS interest rate was 9.3%. However, it was reduced to 9.2% for the period between 01-04-2013 and 31-03-2015.
In the last 19 years, the SCSS interest rate has varied between 9.3% to 7.4%. The rate was again increased to 9.3% for the period between 01-04-2015 and 31-03-2016. However, it was again cut to 8.6% between 01-04-2016 and 30-09-2016; and further to 8.5% between 01-10-2016 and 31-03-2017.
Also Read: PPF interest rate history: When Public Provident Fund deposits earned 12% interest!
From 01-04-2017 to 30-06-2017, the SCSS interest rate was 8.4% while for the period between 01-07-2017 and 30-09-2018, it was 8.3%.
| From | To | Interest Rate |
|---|---|---|
| 02-08-2004 | 30-11-2011 | 9.00 |
| 01-12-2011 | 31-03-2012 | 9.00 |
| 01-04-2012 | 31-03-2013 | 9.30 |
| 01-04-2013 | 31-03-2014 | 9.20 |
| 01-04-2014 | 17-11-2014 | 9.20 |
| 18-11-2014 | 20-01-2015 | 9.20 |
| 21-01-2015 | 31-03-2015 | 9.20 |
| 01-04-2015 | 31-03-2016 | 9.30 |
| 01-04-2016 | 30-09-2016 | 8.60 |
| 01-10-2016 | 31-03-2017 | 8.50 |
| 01-04-2017 | 30-06-2017 | 8.40 |
| 01-07-2017 | 31-12-2017 | 8.30 |
| 01-01-2018 | 30-09-2018 | 8.30 |
| 01-10-2018 | 31-12-2018 | 8.70 |
| 01-01-2019 | 31-03-2019 | 8.70 |
| 01-04-2019 | 30-06-2019 | 8.70 |
| 01-07-2019 | 30-09-2019 | 8.60 |
| 01-10-2019 | 31-12-2019 | 8.60 |
| 01-01-2020 | 31-03-2020 | 8.60 |
| 01-04-2020 | 30-09-2020 | 7.40 |
| 01-10-2022 | 31-12-2022 | 8.00 |
| 01-01-2023 | 31-03-2023 | 8.00 |
In 2018, the Government increased the SCSS interest rate to 8.7% for the period between 01-10-2018 and 30-06-2019. From the second quarter of 2019, the SCSS interest rate started falling again. It was reduced to 8.6% for the period between 01-07-2019 and 31-03-2020.
Also Read: Rs 300 a day in PPF can turn into Rs 2.36 crore!
As the pandemic impacted lives and the economy in 2020, the SCSS interest rate was cut to 7.4%, the lowest since 2004. However, the SCSS interest rate has started going up again. The Government revised the rate to 8% for the period between 01-10-2022 and 31-03-2023. The rate has now been increased to 8.2% and senior citizens are expecting further hikes in the coming months.
Also Read: Should Senior Citizens close old SCSS account and invest in a new one for higher interest?
Senior Citizens aged above 60 years are eligible to deposit up to Rs 30 lakh in the SCSS account and receive quarterly interest income. The account matures in 5 years but it can be extended for another 3 years. The interest throughout the tenure of the account remains unchanged.