There will be just one deposit within the account in a number of of Rs 1000/- most not exceeding Rs 30 lakh. Multiple withdrawals from an account will not be permitted. (Representative picture)
The SCSS account will be opened by a senior citizen at a financial institution or submit workplace.
The Senior Citizen Savings Scheme (SCSS) is a financial savings scheme for Indian senior residents aged 60 years and above. The scheme is backed by the federal government and gives a better price of curiosity than most different financial savings schemes.
The SCSS is taken into account to be a protected and safe funding choice for senior residents in India. It offers a daily earnings stream and helps them meet their monetary wants throughout their retirement years.
How To Open A Senior Citizen Savings Scheme Account (SCSS)?
The SCSS account will be opened by a senior citizen at a financial institution or submit workplace. To open the account, they should guarantee a minimal deposit Rs 1000 within the multiples thereof with most deposit of Rs 30 lakh.
There will be just one deposit within the account in a number of of Rs 1000/- most not exceeding Rs 30 lakh. Multiple withdrawals from an account will not be permitted.
Who Can Open A Senior Citizens Saving Scheme Account?
An particular person who has attained the age of 60 years or above on the date of opening of an account or a person who has attained the age of 55 years or extra however lower than 60 years and has retired beneath Superannuation, VRS or Special VRS, can open an account.
Retired personnel of Defence Services (excluding Civilian Defence staff) can even open an account on attaining the age of fifty years topic to the fulfilment of different specified situations.
A depositor can open an account individually or collectively with a partner. However, the entire quantity of deposit in a joint account shall be attributable to the primary account holder solely.
Senior Citizen Savings Scheme Interest Rate
Interest is payable from the date of deposit to thirty first March/ thirtieth June/thirtieth September/thirty first December on 1st working day of April/July/October/January because the case could also be, within the first occasion and thereafter, curiosity shall be payable on 1st working day of April/July/October/January.
For the quarter ending June 30, 2023, the speed of curiosity on the Senior Citizens Savings Scheme is 8.2%.
The account will be closed after expiry of 5 years from the date of opening of account. The depositor could lengthen the account for an extra interval of three years.
Premature closure is permissible topic to sure situations. Deposits in SCSS qualify for deduction u/s 80-C of Income Tax Act.
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