On Monday, March 17, 2025, HDFC Bank issued a public statement to declare that it will now accept deposits under the Senior Citizens’ Savings Scheme (SCSS). It is one of the top 3 agency banks for the Indian government, as per the Controller General of Accounts and the Press Information Bureau.
This is a government-backed savings program for people aged 60 years and above. It provides regular income via quarterly interest payments. It is a relatively safe investment option for the elderly and has a 5-year tenure.
As of March 2025, the scheme provides an annual interest rate of 8.2%. This was the applicable rate for FY 2024-25, as per the government. The interest rates on the deposits are periodically revised.
As mentioned earlier, people aged at least 60 years who had superannuated at the age of 55 years are eligible to apply for the scheme. Besides, retired defence personnel who had previously served the Indian government are also eligible after attaining 50 years of age.
The Income Tax Act of 1961 states that under Section 80C, investments of up to ₹1.5 lakh are eligible for tax deduction in each financial year. However, if the total interest earned on deposits exceeds ₹50,000, the government will charge TDS (Tax Deducted at Source).
HDFC Bank also accepts deposits under the Sukanya Samriddhi Account Scheme and the Public Provident Fund.
HDFC Bank was incorporated in 1994 and provides a wide range of services including retail banking and wealth management. It is one of India’s largest private-sector banks and is listed on both the BSE and the NSE.
As of 11.45 AM on Tuesday, HDFC Bank share price was trading at ₹1,727, up 1.03% from the previous close.
| Andhra Bank | State Bank of Travancore |
| Allahabad Bank | Syndicate Bank |
| Bank of Baroda | UCO Bank |
| Bank of India | Union Bank of India |
| Bank of Maharashtra | United Bank of India |
| Canara Bank | Vijaya Bank |
| Central Bank of India | IDBI Bank Ltd. |
| Corporation Bank | ICICI Bank Ltd. |
| Dena Bank | State Bank of Bikaner & Jaipur |
| Indian Bank | State Bank of Hyderabad |
| Indian Overseas Bank | State Bank of India |
| Oriental Bank of Commerce | State Bank of Mysore |
| Punjab National Bank | State Bank of Patiala |
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Mar 18, 2025, 12:43 PM IST
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