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Bank of BarodaGovernment savings scheme

Senior Citizens' Savings Scheme (SCSS) — Bank of Baroda service route

A Government of India five-year senior-savings scheme serviced by Bank of Baroda, with the current 8.20% opening-quarter rate, quarterly income, a ₹30 lakh aggregate ceiling and age-specific premature-closure rules.

First-party evidencePublished researchReviewed September 10, 2026Active
Open primary bank source ↗Bank dossierCompare alternatives
Current government rate / mechanism8.20% p.a. for SCSS accounts opened from 1 July through 30 September 2026 under the current Government of India small-savings notification; interest is paid quarterly and is taxable.
Contribution / investment / termMinimum ₹1,000 in ₹1,000 multiples; aggregate deposits across SCSS accounts are capped at ₹30 lakh. Normal maturity is five years, with extension available under current scheme rules.
Liquidity / loan / transfer rulesNo loan/pledge. Before one year, interest already paid is recovered on premature closure; after one year but before two years, 1.5% of deposit is deducted; on/after two years, 1% is deducted under current SCSS rules.
Scheme eligibilityResident individuals aged 60+; specified retirees aged 55–60 and eligible retired defence personnel aged 50+ can qualify subject to scheme conditions. Joint account is only with spouse; NRI/HUF are not eligible under the reviewed scheme material.
Research processPublished by littleden.blog

Structured from first-party bank/issuer evidence. This page does not claim personal hands-on product use unless that experience is explicitly stated.

4 first-party sources
Last checkedSeptember 10, 2026

Recorded source review date, not a claim that the product changed that day.

Maintenance stateWithin scheduled review window

Target recheck: December 9, 2026.

Critical decision facts

Government-set economics, contribution rules, liquidity and eligibility must be read together.

The servicing bank does not set the scheme economics; current government/RBI rules and the exact service route remain controlling.

01 · Current government rate / mechanism8.20% p.a. for SCSS accounts opened from 1 July through 30 September 2026 under the current Government of India small-savings notification; interest is paid quarterly and is taxable.
02 · Contribution / investment / termMinimum ₹1,000 in ₹1,000 multiples; aggregate deposits across SCSS accounts are capped at ₹30 lakh. Normal maturity is five years, with extension available under current scheme rules.
03 · Liquidity / loan / transfer rulesNo loan/pledge. Before one year, interest already paid is recovered on premature closure; after one year but before two years, 1.5% of deposit is deducted; on/after two years, 1% is deducted under current SCSS rules.
04 · Scheme eligibilityResident individuals aged 60+; specified retirees aged 55–60 and eligible retired defence personnel aged 50+ can qualify subject to scheme conditions. Joint account is only with spouse; NRI/HUF are not eligible under the reviewed scheme material.
Exact product-type evidence

Government savings scheme evidence stays in its own structure.

Specialist fields below remain source-scoped. Missing values stay missing; one banking product type is never used to manufacture facts for another.

Verified servicing routes

Where this one Government scheme can actually be opened or serviced.

The scheme economics remain Government-set. These rows verify bank/channel access only and never create duplicate bank versions of the scheme.

Research matrix: Servicer / status; Opening route; Digital / transfer notes
Servicer / statusOpening routeDigital / transfer notes
Bank of BarodaBranch · verifiedBank of Baroda services SCSS through its branch network.Current product material is branch-led; the bank is also migrating SCSS accounts to a newer internal platform. Account-transfer mechanics follow the Government scheme and bank processing requirements. Source ↗
State Bank of IndiaBranch · verifiedSBI publishes the current SCSS opening form addressed to the Branch Manager and maintains SCSS under Government Schemes.Branch forms cover opening, deposit, nomination and related servicing. Use the prescribed SCSS account-office transfer process. Source ↗
ICICI BankBranch · verifiedICICI current SCSS page instructs customers to visit an ICICI Bank branch with Form A and supporting documents.Quarterly interest is credited to the linked ICICI account; branch servicing is the current primary route. Verify transfer availability with the branch under the current SCSS operating rules. Source ↗
HDFC BankBranch only currently · verified limitedHDFC says SCSS opening requires a branch visit and gives a three-working-day indicative processing time.HDFC explicitly says NetBanking/MobileBanking SCSS opening/viewing is under development. HDFC also says transfer-in/transfer-out functionality is under development, so verify before initiating migration. Source ↗
Government rate history

SCSS across the last six notified quarters.

History preserves the Government-notified period. For PPF/Sukanya the account rate can reset over time; SCSS/KVP mechanics can lock the opening/purchase-period rate for that contract.

July 1, 2026 – September 30, 2026
8.20% p.a.

DEA 30 June 2026 memorandum: rates unchanged from Q1 FY2026-27.

Government evidence ↗
April 1, 2026 – June 30, 2026
8.20% p.a.

DEA 30 March 2026 memorandum: rates unchanged from Q4 FY2025-26.

Government evidence ↗
January 1, 2026 – March 31, 2026
8.20% p.a.

DEA 31 December 2025 memorandum: rates unchanged from Q3 FY2025-26.

Government evidence ↗
October 1, 2025 – December 31, 2025
8.20% p.a.

DEA 30 September 2025 memorandum: rates unchanged from Q2 FY2025-26.

Government evidence ↗
July 1, 2025 – September 30, 2025
8.20% p.a.

DEA Annual Report 2025-26 publishes the same rates for all four FY2025-26 quarters.

Government evidence ↗
April 1, 2025 – June 30, 2025
8.20% p.a.

DEA Annual Report 2025-26 publishes the same rates for all four FY2025-26 quarters.

Government evidence ↗
Open full Government rate history
Maintained terms

Fees, balances, benefits, limits and eligibility without a single-score shortcut.

These six fields are the cross-product layer. The specialist section above controls whenever a type-specific field is more precise.

Current government rate / mechanism8.20% p.a. for SCSS accounts opened from 1 July through 30 September 2026 under the current Government of India small-savings notification; interest is paid quarterly and is taxable.
Contribution / investment / termMinimum ₹1,000 in ₹1,000 multiples; aggregate deposits across SCSS accounts are capped at ₹30 lakh. Normal maturity is five years, with extension available under current scheme rules.
Payout / tax / scheme benefitsGovernment-backed scheme, quarterly interest, nomination and spouse-joint holding. Qualifying principal can fall within the current aggregate Section 123 / Schedule XV savings-deduction framework where the taxpayer and tax regime are eligible.
Liquidity / loan / transfer rulesNo loan/pledge. Before one year, interest already paid is recovered on premature closure; after one year but before two years, 1.5% of deposit is deducted; on/after two years, 1% is deducted under current SCSS rules.
Scheme eligibilityResident individuals aged 60+; specified retirees aged 55–60 and eligible retired defence personnel aged 50+ can qualify subject to scheme conditions. Joint account is only with spouse; NRI/HUF are not eligible under the reviewed scheme material.
Government / service-channel ruleBank of Baroda is a servicing deposit office; the Government of India sets the SCSS rate and scheme rules. The bank service route does not create a proprietary Bank of Baroda yield.
Fit & cautions

Who this record appears designed for—and what can break the fit.

Best-fit wording summarizes the published proposition. It is not individualized financial advice or an approval prediction.

Potential fit

Eligible senior citizens and qualifying retirees who want government-set quarterly income and can accept SCSS eligibility and liquidity restrictions instead of ordinary bank-FD flexibility.

Verify before relying
  • The 8.20% rate is government-notified for new SCSS accounts opened in the current quarter; do not treat future-quarter pricing as guaranteed for new accounts.
  • SCSS interest is taxable even where the qualifying principal supports a statutory savings deduction.
  • Eligibility and retirement-deposit timing conditions should be verified at opening; this is not a general age-55 savings account.
  • Premature-closure penalties make SCSS liquidity materially different from an ordinary callable FD.
Maintained comparisons

Compare this product only where the pair is deliberately maintained.

Both sides keep independent review dates, exact conditions and first-party evidence. No winner score is generated.

Browse banking comparisons
First-party source ledger

Complete evidence set for this maintained profile.

Each source remains independent. A product page, tariff, KFS/MITC, rate schedule or programme document is not silently treated as interchangeable evidence.

01
Primary product / service sourcebankofbaroda.bank.in
Open source ↗02
Additional first-party evidencedea.gov.in
Open source ↗03
Additional first-party evidenceindianbank.bank.in
Open source ↗04
Additional first-party evidencesbi.co.in
Open source ↗
Current-use rule

When the bank changes a term after the recorded review, the current agreement, tariff, KFS/MITC or effective rate table controls.

Research boundary

This page organizes dated public evidence; it does not guarantee eligibility, availability, approval, service quality or future pricing.