Does SCSS get renewed automatically?

Will my Senior Citizen Savings Scheme (SCSS) get renewed automatically on expiry, like a bank fixed deposit? If not, is it possible to renew the same after three months of expiry? To give you the context, my SCSS expires in December 2024 and I won't be in India at the time. - Kancheepuram Narasimhan

Unfortunately, Mr Narasimhan, Senior Citizen Savings Scheme (SCSS) accounts do not renew automatically.

But the good news is that you can extend the account in a block of three years at any time within 12 months of the maturity date. In your case, you have until December 2025 to extend your SCSS account.

Remember, even if you extend the SCSS account in December 2025, the extension will be counted from December 2024, the actual maturity date.

Similarly, the interest rate prevailing in December 2024 will get locked in and will be the rate you earn until the account matures again.

Also read: Can you open a new SCSS account upon maturity?