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Senior Citizen Savings Scheme

Senior Citizen Savings Scheme (SCSS), 2019

  • All our branches are authorised to open SCCS accounts.
  • An individual who has attained the age of 60 years & above can open SCSS account.
  • On superannuation, retired personnel of 55 years & more can open SCSS account.
  • Retired Defence personnel of 50 years & more is eligible to open SCSS account.
  • HUF & NRI are not eligible to open these accounts.
  • PAN card is compulsory.
  • Retirement/ Superannuation benefit proof from the employer in case of individual where age is less than 60 years.
  • Individual can open the account jointly with spouse only.
  • A depositor may operate more than one account under these rules subject to condition that deposits in all accounts taken together, in Bank or Post Office, shall not exceed the maximum specified limit.
  • Minimum Rs. 1000/- and in multiple of one thousand rupees but maximum Rupees fifteen lakhs.
  • Deposit can be made through Cash/ Clearing/ Transfer or through internet mode.
  • Rate of interest as applicable on the date of account opening, declared by the GoI on quarterly basis.
  • Interest is paid quarterly on the first working day of April, July, October and January for each March, June, September & December quarter respectively. The pro rata interest is paid for the short period in a quarter.
  • Maturity of the account is after five years from the date of account opening.
  • Account can be extended for further period of three years within a period of one year from the maturity period of five year.
  • In case of account which is not extended on maturity (within one year from date of maturity), the deposit shall accrue interest applicable at Post Office Saving Bank rate.
  • In case of premature closure of account before one year after the date of opening of account, interest paid on the deposit in the account shall be recovered from the deposit and the balance shall be paid to the account holder.
  • In case of premature closure after one year but before the expiry of two years from the date of opening of account, an amount equal to one and half percent of deposit shall be deducted and balance paid to the depositor.
  • In case of premature closure after two years from the date of opening of account, an amount equal to one percent of deposit shall be deducted and balance paid to the depositor.
  • The depositor availing the facility of extension of account may be permitted to withdraw the deposit & close the account at any time after expiry of one year from the date of extension of account without any deduction.
  • Nomination can be made for one or more persons subject to maximum of 4 (four) individuals.
  • A depositor may get his account transferred from one Bank/Post Office to Post Office/Bank.
  • Income tax benefit under section 80(C) for investment.
  • TDS is applicable on interest paid quarterly in case of interest payment is beyond the specified limit.
  • No TDS is to be deducted in case Form 15G or 15H is submitted by the depositor.
  • For further clarification, please refer to Government notification G.S.R 916 (E) dated 12th December 2019