Can a new SCSS account be opened after maturity period of 5+3, i.e. 8 years?

The Senior Citizen Savings Scheme (SCSS) account has a tenure of 5 (five) years. On maturity, the depositor can extend the account for another 3-year period. So the total tenure of an extended SCSS account becomes 8 years.

But since the extension of the SCSS account for 3 years is only allowed once, then Can a new SCSS account be opened again after completion of maturity?

The answer is – Yes. After completion of 5+3=8 years of SCSS, a senior citizen can again open a new SCSS account with the maturity amount if they want to. The new interest rates at that time will be applicable to the account then.

So that is the answer to Can a new SCSS account be opened after maturity in India (2023).

Further Readings –

Can SCSS account be Renewed After Maturity?

SCSS Vs. PMVVY: Which is Better?

1 comment

  1. My SCSS has matured on 22-05-2022 at SBI ,and I have renewed it on 01-05-2023

    Pl clarify following
    Interest from 22-0502022to 30-04-2023 will be at what rate
    Pl clarify

    Thanks with regards

    Niraj Gupta

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