The Ministry of Finance has announced that deposits made under the Senior Citizens Welfare Fund (SCWF) will earn an annual interest rate of 3.35% for the financial year beginning April 1, 2024, and ending March 31, 2025.
The revised rate, which came into effect on April 1, 2024, was published through an official gazette notification issued by the Department of Economic Affairs.
This marks a significant reduction from the previous year’s rate. For the financial year 2023–24, deposits under the SCWF earned an interest rate of 7.15%. The steep decline of 3.80 percentage points is expected to impact the returns generated by the fund, which is intended to support welfare schemes for senior citizens.
The SCWF was established through Notification No. G.S.R. 322(E) dated March 18, 2016. It is designed to utilize unclaimed funds from various financial instruments—including Employees’ Provident Fund (EPF), Public Provident Fund (PPF), and post office savings schemes—for the benefit of senior citizens.
The new rate was notified under File No. 13/20/2014-NS and signed by Joint Secretary Vyasan R. The Ministry has not provided a reason for the significant rate cut, but it comes amid broader changes in interest rate trends and fiscal adjustments.
While the fund continues to play a crucial role in channeling dormant financial resources into senior welfare, the reduced rate may affect the scale or pace at which such welfare programs are financed.
Rate Comparison at a Glance
| Financial Year | Interest Rate (p.a.) | Period |
| 2023–24 | 7.15 % | Apr 1, 2023 – Mar 31, 2024 |
| 2024–25 | 3.35 % | Apr 1, 2024 – Mar 31, 2025 |
Notification Details
Notification No. F. No. 13/20/2014-NS
Date: 20 June ,2025
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