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PNB Senior Citizen Saving Scheme - PNB SCSS Details

Updated On Aug 16, 2023

Navigating retirement with a secure financial future is a top priority for all of you. Imagine a scheme tailor-made to ease your worries. The Senior Citizen Saving Scheme or SCSS from Punjab National Bank or PNB, one of our country's biggest and most reliable banks, aims to do that. Designed for senior citizens, PNB's SCSS offers a dependable source of income to keep your finances stable. Investigate the specifics if you intend to use this as your investing strategy.

What is PNB Senior Citizen Saving Scheme?

Punjab National Bank (PNB) offers a unique Senior Citizen Savings Scheme (SCSS), ensuring post-retirement financial security for Indian senior citizens. As a government-backed scheme, PNB SCSS guarantees a steady income stream after retirement and provides attractive interest rates on your investments, promising a secure future.

Specifically designed for individuals aged 60 years and above, the scheme offers even more significant benefits for super senior citizens over 80. Retired defence personnel aged 50 years and above can also enrol in this scheme, extending its benefits to a broader age group.

PNB Senior Citizen Saving Scheme

One standout feature of PNB SCSS is its adaptability. It permits you to open an individual or a joint account with your spouse, providing flexibility tailored to your requirements. In summary, PNB's SCSS is an invaluable resource for senior citizens seeking financial stability in their golden years. It offers a high return on your savings, acknowledges your service years, and supports your financial independence, ultimately prioritising your best interests.

Key Features of PNB SCSS

It's crucial to comprehend every aspect of a financial program before putting your hard-earned money into it. In this section, you will find the critical features of the PNB Senior Citizen Saving Scheme (SCSS) that make it an attractive option for you as a senior citizen in India.

  • Minimum and Maximum Investment Limit

PNB SCSS allows you to make a minimum investment of Rs. 1000. This is convenient if you wish to start small. However, the scheme also considers those who want to invest a more considerable sum. The maximum investment allowed in this scheme is Rs. 15 lakh. This flexibility in investment limits caters to a wide range of financial capacities.

  • Tenure of the Scheme

The tenure of the PNB SCSS is five years. However, you can extend it for another three years once the initial tenure ends, allowing you to maximise your earnings over a more extended period.

  • Interest Rates and Payout Details

PNB offers a competitive interest rate on the SCSS, generally higher than the rates on regular savings accounts. The interest is payable quarterly, ensuring a regular income flow throughout the year.

  • Tax Benefits

The PNB SCSS provides tax benefits under Section 80C of the Income Tax Act. In other words, you may deduct up to Rs. 1.5 lakh on the amount invested in this scheme, thereby reducing your overall tax liability.

  • Safety and Reliability

As a government-backed scheme offered by Punjab National Bank, one of India's oldest and most trusted banks, the SCSS ensures the safety of your investment. Your funds are not exposed to market risks, providing financial stability and peace of mind.

Eligibility Criteria for PNB SCSS

Determining your eligibility for the PNB Senior Citizen Saving Scheme is crucial before investing. The scheme is designed with specific criteria to ensure it benefits the right individuals. Here are the details.

  • Age Criteria

The primary eligibility factor for this scheme is age. You must be at least 60 to be eligible for the PNB SCSS. This ensures that the scheme caters to the financial needs of senior citizens.

  • Retired on Superannuation

You may have retired before the age of 60 due to superannuation. In such cases, PNB permits individuals above 55 years but below 60 years to invest in this scheme, provided they have opted for Voluntary Retirement Scheme (VRS) or superannuation.

  • Residency Status

This scheme is open to Indian residents. You can apply for the PNB SCSS if you are an Indian resident living in an urban, semi-urban, or rural area. NRIs and PIOs with Indian ancestry but non-resident status are ineligible for this program.

  • Personnel of Defense Services

To honour the services rendered by our defence personnel, the PNB SCSS has a special provision. All retired defence personnel, irrespective of the above age limits subject to certain conditions, are eligible to invest in this scheme. It's PNB's way of extending gratitude for its commitment to the nation.

How to Open a PNB SCSS Account?

Opening a Punjab National Bank Senior Citizen Saving Scheme account is straightforward. Follow the simple, step-by-step instructions found below.

Documents Required

To open a PNB SCSS account, you need the following documents:

  • Application Form (Available at the bank or online)
  • Passport size photograph
  • Age-proof documents (like Passport, Senior Citizen Card, Birth Certificate, etc.)
  • Address proof (like Aadhaar Card, Passport, Utility Bills, etc.)
  • PAN Card
  • Proof of income, if applicable

Ensure all documents are valid and up-to-date for a seamless application process.

Step-by-Step Process

Follow these steps to open your PNB SCSS account:

  • Visit your nearest Punjab National Bank branch or the online portal.
  • Request for a Senior Citizen Savings Scheme account opening form.
  • Fill in the required details accurately.
  • Attach your passport-size photograph and all necessary documents.
  • Submit the form and the documents to the bank officer or upload them if you're applying online.
  • Once the bank verifies your documents, make the initial deposit per the scheme's requirement.
  • After the deposit, your PNB SCSS account will be activated.

Remember that your account's activation might take a few days due to the verification process.

Online and Offline Options

Punjab National Bank offers online and offline ways to open a SCSS account. You can visit a nearby branch and follow the offline method described above. If you prefer the convenience of online banking, you may also open an account from the comfort of your home using the PNB Internet Banking platform.

In both scenarios, ensure that all details filled in are correct to prevent any possible issues with your account opening process.

Understanding Exit Options from SCSS

As you navigate through your investment journey, it's crucial to understand the exit options available in the Senior Citizen Saving Scheme (SCSS).

  • Premature Closure

If unforeseen circumstances demand, you can prematurely close your SCSS account. However, after the first year, this option becomes available. Note that this choice might come with specific penalties.

  • Extension of Tenure

Upon maturity, you can extend the scheme's tenure for another three years. You must apply for the extension within one year of your SCSS account's initial maturity.

  • Upon Maturity

Finally, you can withdraw your deposit and the accrued interest once the scheme matures. You will receive the total amount without any deductions.

Remember, each exit option has its implications. Always make an informed decision.

Benefits of PNB SCSS for Senior Citizens

The PNB Senior Citizen Saving Scheme is a beneficial investment avenue for you, designed with features that enhance your financial stability.

  • Financial Security

This scheme offers you financial security during your retirement years. With a substantial upper limit for investment, you can ensure a safe and secure future.

  • Regular Income Source

PNB SCSS provides a regular income stream through its quarterly interest payouts, thus mitigating any concerns about monthly expenditures.

  • Tax Savings

You can benefit from tax advantages under Section 80C of the Income Tax Act, significantly lowering your yearly tax obligation.

  • Higher Interest Rates

With higher interest rates than regular savings accounts, this scheme amplifies earnings, making it a lucrative investment option.


The Punjab National Bank Senior Citizen Saving Scheme is a wise financial choice for senior citizens in India. It offers an impressive interest rate, a regular income source, and tax benefits. Considering the scheme's features, benefits, and reliability, you'll find it essential in securing your post-retirement financial future. It's time to make an informed decision for a comfortable tomorrow.


  • What is the minimum and maximum investment in PNB SCSS?

PNB's Senior Citizen Saving Scheme (SCSS) is flexible, welcoming investments as little as INR 1,000 to as much as INR 15 lakhs. This scheme allows contributions in multiples of INR 1,000, catering to different financial capabilities.

  • Is the interest from PNB SCSS taxable?

The interest you earn from PNB SCSS is subject to tax as per the Income Tax Act. However, an annual deduction of up to INR 50,000 under Section 80TTB is available, providing some relief.

  • Can I withdraw from the scheme prematurely?

Yes, you can. It is possible to make premature withdrawals. However, you should be aware that there may be penalties, and they depend on when you remove the money.

  • Can I open a PNB SCSS account online?

Absolutely. If you're an internet banking user with PNB, you can conveniently open a SCSS account online without the need to visit the branch.

  • Is there any nomination facility available in PNB SCSS?

Yes, indeed. PNB SCSS provides the facility to nominate a person at the time of account opening or afterwards. This provision ensures the smooth transmission of funds in unfortunate circumstances.


This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.