Senior Citizen Savings Scheme VS Public Provident Fund: Key Differences
Differences Between Senior Citizen Savings Scheme and PPF, Senior Citizen Savings Scheme, Public Provident Fund, SCSS Benefits, PPF Features
Senior Citizen Savings Scheme (SCSS) and Public Provident Fund (PPF) are both popular money-saving and investment tools used by Indian citizens for stability and future financial goals. It is common for salaried employees and those seeking retirement welfare to safeguard their money in these two schemes because of the range of benefits they come with, catering to a wider section of society. While diversifying your investment portfolio with both PPF and SCSS can be beneficial, what if you had to choose one of the two schemes? Here are the key differentials for you to understand.
The goal with investments in the Public Provident Fund is to accumulate wealth and build a significant retirement corpus. With the Senior Citizen Savings Scheme, those nearing the end of their professional life can get a regular income stream. While the PPF is open for all Indian citizens, the SCSS is specifically designed for senior citizens aged 60 years and above.
Investment Tenure
Public Provident Fund investments are fixed over a tenure of 15 years that you can extend in blocks of up to five years. On the other hand, the Senior Citizen Savings Scheme has an initial tenure of five years, which can be stretched for an additional period of 3 years.
The interest rate on PPF investment currently stands at 7.1 per cent per annum, compounded annually. The Indian government reviews the interest rates on PPF every quarter. SCSS offer a higher return of 8.2 per cent annually, which is also subject to periodic revisions.
Tax Benefits
Investments in the PPF scheme up to a maximum limit of Rs 1.5 lakhs per financial year are eligible for tax deductions under the Indian government's Income Tax Act Section 80C. Both the interest earned and maturity amount are tax-exempt, giving it an edge over the SCSS. While contributions to the Senior Citizen Savings Scheme also fall under the Income Tax Act benefit, the deductions are subject to the overall limit and the interest earned is taxable.
Minimum Investment and Withdrawal
The maximum PPF investment may be Rs 1.5 lakhs, but you can start a PPF account with a minimum sum of Rs 500. The minimum deposit required for the SCSS scheme is Rs 1,000, with a maximum limit of Rs 30 lakhs.
Withdrawals are allowed under both the schemes. Investors can make partial withdrawals from the 7th year onwards under PPF, subject to certain conditions. Full withdrawals are only allowed upon maturity. You can make premature withdrawals from SCSS upon completion of one year with due penalties deducted.
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July 24, 2025, 09:00 IST
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