Can SCSS account be Renewed After Maturity (2023)?

What happens to SCSS after maturity or what is the status of SCSS after 5 years and SCSS after 8 years in India (2023)? We discuss this here.

The Senior Citizen Savings Scheme (SCSS) account has a tenure of 5 (five) years. On maturity, i.e., completion of the 5-year tenure, the depositor has two options –

  • Close the account and withdraw the maturity amount (by submitting Form E)
  • Extend the account by another 3 years (by submitting Form B) within 1 year of the maturity date.

So to answer the question – Can an SCSS account be extended? Yes, a depositor may extend the SCSS account for a period of 3 years.

Also, there is no automatic extension of the account after 5 years. If the depositor neither closes the account on maturity nor requests for extension, the account shall be considered as matured.

And how many times is the extension allowed? That is, How many times can senior citizen savings scheme be extended upon maturity? You are allowed to extend the SCSS account for 3 years only once. That is, a total of 5+3 year tenure is allowed for an account including an extension. After that, the account shall be closed immediately.

During this extended 3-year period, the rate at which the SCSS account will earn interest will be the rate of interest as applicable on the day when the SCSS account was originally completing its 5-year maturity.

Now your next question might be that if the account cannot be extended beyond a total of 8 years (including a 3-year extended period), then Can a new SCSS account be opened again after completion of maturity? Yes. A senior citizen is free to open a new SCSS account with the maturity amount after completion of 5 (or 8 years) if they want to. The new interest rates at that time will be applicable to the account then.

I hope you found this note on SCSS extension rules useful. All post offices and banks are governed by the same SCSS extension rules even SBI SCSS extension rules. That was all about the SCSS after maturity in India (2023) and what happens to SCSS after 8 years.

Further Readings –

Can a new SCSS account be opened after maturity?

SCSS Vs. PMVVY: Which is Better?


  1. Can I reinvest into SCSS after completion of (5+3) 8 years. kindly reply me yes or no with details. Thanks
    Lakhvinder Singh Pathania

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