HDFC Bank now accepting deposits under India’s savings scheme for seniors

HDFC will act as an agency bank and help source scheme deposits.

HDFC Bank is now accepting deposits under India’s Senior Citizens’ Savings Scheme (SCSS), a savings instrument run by India for the elderly.

India’s largest private sector bank will act as an agency bank for the government and help source scheme deposits.

All eligible customers can apply for SCSS by visiting any branch of the bank.

Customers eligible for this scheme include individuals at or above the age of 60 and people who have superannuated at/above the age of 55 years.

Retired personnel of Defence Services are also eligible to apply for the scheme on attaining the age of 50 years.

Investment in SCSS is eligible for benefits under Section 80C of the Income-Tax Act. The scheme offers a quarterly interest payout with a five-year lock-in period. It is extendable by three years, multiple times.

In addition, the rate of interest offered under SCSS is notified by the government from time to time, HDFC said.