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Gift your Mother a Senior Citizen Saving Scheme this Mother's Day


Buying your mother a memorable and valuable gift for Mother's Day may be on your agenda this year. What better gift to give her than financial security? If your mother is over the age of 60, a gift worth considering is an investment in the Senior Citizen Savings Scheme or SCSS. 

SCSS is a government-backed savings scheme designed specifically for senior citizens or those aged over 60 in India. It is a scheme that will provide a regular income stream to retirees and ensure a secure retirement life. Deposits in SCSS are typically invested for five years and can be extended by three years. A maximum of Rs. 15 lakh can be deposited into the account. SCSS also provides the benefit of premature withdrawal after one year of investment.

How does Senior Citizen Savings Scheme work?

SCSS is designed only for citizens over the age of 60 years. A one-time deposit needs to be made in the account in multiples of Rs. 1,000, with the maximum amount being Rs. 15 lakh. However, one can open multiple accounts but total amount in all the accounts can’t exceed Rs. 15 lakh.  After the account is opened, the investor receives interest every quarter. The principal amount is returned after five years. As on March 2022, the government has decided the interest rate to be at 7.4% per annum. 

Advantages of SCSS scheme 

·  Easy availability: The SCSS financial product is readily available at any post office or authorised bank. All you need to do is get an application form and fill it up. 

·  Attractive interest: The returns on SCSS are higher than savings account deposits or fixed deposits. They also enjoy better protection because the government of India backs the scheme. 

·  Regular stream of income: SCSS provides a regular stream of income for retired individuals. Interest is paid out quarterly, and the entire invested amount is returned at maturity. 

·  Flexible investment: SCSS accounts can work as medium-term and long-term investment tools. While they have a minimum investment period of five years, they can be extended by another three years.

·  Premature withdrawal: The other benefit of SCSS is that you can close the account after a year of investment. This makes it a relatively liquid investment and ideal in case of emergencies. 

·  Tax benefits: Investments in SCSS are eligible for tax deductions of up to Rs. 1,50,000 a year under Section 80C of the Income Tax Act. 

Why gift your mother SCSS on Mother's Day?

Financial security is one of the best gifts you can give your mother any time of the year. By investing in SCSS, you ensure that she gets a regular stream of income. Her retirement years are taken care of financially, and she will not have to worry about money. Unlike material gifts, a financial gift such as an SCSS investment will give continuous returns. 

Additional Read: Are you a senior citizen? Here's how you can save on tax  


Consider giving your mother a senior citizen savings scheme investment this Mother's Day so she can enjoy peace of mind and financial security. She can rest easy knowing that it will serve her needs and she is well taken care of. Does it get any better than this?

Disclaimer: ICICI Securities Ltd.( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, India, Tel No:- 022 - 2288 2460, 022 - 2288 2470. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code:-07730) and BSE Ltd (Member Code :103) and having SEBI registration no. INZ000183631. Name of the Compliance officer (broking): Mr. Anoop Goyal, Contact number: 022-40701000, E-mail address: complianceofficer@icicisecurities.com. Investment in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon.

Any dispute relating to non-broking products / services like Mutual Funds, Insurance, FD/ Bonds, loans, PMS, Tax, Elocker, NPS, IPO, Research, Financial Learning etc. are not exchange traded products / services and ICICI Securities Ltd. is just acting as a distributor/ referral Agent of such products / services and all disputes with respect to the distribution activity would not have access to Exchange investor redressal or Arbitration mechanism.

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