Can You Open Multiple Senior Citizen Savings Scheme (SCSS) Accounts?

Senior Citizen Savings Scheme (SCSS) offers 8.2 per cent interest to seniors. The government reviews its rates of interest every quarter, along with the other small savings schemes. However, unlike other small savings schemes of the post office, SCSS can be opened with banks, too. As per the Reserve Bank of India’s (RBI) data, more than 25 banks offer SCSS accounts to their customers. While the RBI cut the repo rate three times in 2025 (25 basis points (bps) each in February and April, and 50 bps in June), the government kept the small savings interest rates unchanged for the July-September 2025 quarter.

Although experts anticipated a rate cut in small savings too, the unchanged rate stance for the second quarter of the financial year 2024-25 came like an extension to invest in this scheme at the current rates. Amid a falling interest rate scenario, experts suggest that seniors explore SCSS before the rates are slashed.

However, if one has already invested in SCSS, is more investment allowed? Let us see.

Senior Citizen Savings Scheme (SCSS)

SCSS is a scheme designed for senior citizens. It offers them a guaranteed return every quarter. It is credited directly to the investor’s savings account. Note that SCSS is like a fixed deposit for five years, which pays interest at a quarterly frequency. This interest is taxable in the hands of investors and is subject to tax deducted at source (TDS) if interest exceeds Rs 1 lakh. This limit was earlier Rs 50,000 for senior citizens, which has been enhanced to Rs 1 lakh in the February 2025 budget announcement.

Can One Open More Than One SCSS Account?

According to the India Post website, one can open a SCSS account but deposit in it only once. Simple, it is an FD-like account for a 5-year term initially. Similar to FDs, this account can also be renewed or extended for an unlimited period in blocks of three years.

The minimum investment in this account is Rs 1,000, and in multiples thereof, it does not exceed Rs 30 lakh for an account holder.

Here it is crucial to know the maximum limit because, unlike FDs, it does not allow investment for more than Rs 30 lakh in a person’s name.

According to the Bank of India website,  “A depositor may open more than one account under SCSS subject to the condition that the deposits in all accounts taken together shall not exceed the maximum limit and provided that more than one account shall not be opened in the same deposit office during a calendar month.”

It is clear that multiple SCSS accounts are permitted but not in the same deposit office and the same calendar month. The only notable point is that the total holding in all SCSS accounts cannot be more than Rs 30 lakh.

As the Bank of Baroda website reads, “Depositors are allowed to open multiple accounts under this scheme with a combined maximum limit of Rs. 30 lakhs in all accounts.”

Another point is a joint account. If a person has two SCSS accounts, one in single holding and another in joint holding with a spouse, in case of the death of the first holder, the spouse can continue the same account in the same manner, but the maximum deposit limit clause will keep applying.