SBI's Senior Citizens Savings Scheme is a safe investment option for retired taxpayers looking to deposit their money in government-backed schemes. The interest on deposits made under SBI's Senior Citizens Savings Scheme stands at 8.60% p.a. To open an account, visit any deposit office and fill up form a. One needs to provide age proof and deposit the sum in multiple of one thousand rupees.

Eligibility criteria

To open an account, one needs to be:

• An individual who is 60 years or older on the account opening date
• An individual who is 55 years and above but below 60 years and has retired on superannuation on the date of opening the account
• An individual who has retired before the establishment of these rules and is 55 years or older on the account opening date
• An individual who is a retired defence services personnel (exception - civilian defence employees)