365Telugu.com online news, Hyderabad, March 18th, 2025: HDFC Bank, one of India’s leading private sector banks, has announced that it will now accept deposits under the Senior Citizens’ Savings Scheme (SCSS), a government-backed savings initiative designed for elderly citizens.
As an agency bank for the Government of India, HDFC Bank will facilitate SCSS deposits while ensuring seamless service for customers. Eligible individuals can apply for the scheme at any HDFC Bank branch.
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Eligibility for SCSS:
- Individuals aged 60 years and above
- Individuals who have retired at/above 55 years
- Retired Defence Services personnel aged 50 years and above
Key Features of SCSS:
- Eligible for tax benefits under Section 80C of the Income-Tax Act
- Offers quarterly interest payouts
- Five-year lock-in period, extendable by three years multiple times
- Interest rates are notified by the Government periodically
HDFC Bank’s Commitment to Senior Citizens
Parag Rao, Country Head – Payments, Liability Products, Consumer Finance, and Marketing, HDFC Bank, stated,
“As a leading agency bank, we are delighted to offer another savings scheme under the Government of India’s National Small Savings Schemes. SCSS provides senior citizens with a secure and attractive income stream, along with tax-saving benefits under Section 80C.”
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SCSS adds to HDFC Bank’s existing portfolio of government-backed savings instruments, including the Public Provident Fund (PPF) and Sukanya Samriddhi Account Scheme (SSA).
HDFC Bank’s Role in Tax Collections
In FY24, HDFC Bank collected over ₹10 lakh crore in taxes, ranking among the top three agency banks for the Government of India, as per data from the Press Information Bureau and the Controller General of Accounts.