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Jul 27, 2024 · Senior Citizen Savings Scheme (SCSS) is a government-backed retirement benefits programme. Senior citizens resident in India can invest a lump sum in the scheme, individually or jointly, and get access to regular income along with tax benefits. It is a Post Office savings scheme.
- 8.2% p.a.
- Particulars
- Rs 1,000
- 5 years
Advantages of ICICI Banks Senior Citizens' Savings Scheme. Facility of Direct Credit of Interest to ICICI Bank Account; SCSS FD quarterly interest intimation containing the details of Deposit Balance & transactions; Phone Banking Facility (for queries)
You can apply for the SCSS through public and private banks and post offices. Continue reading to learn about the features, benefits, eligibility, and application of the SCSS. Updated On - 27 Sep 2024
- Yes, within one year after maturity a depositor can extend their SCSS for a period of three years.
- Using Form G, an account can be transferred from one deposit office to another.
- Yes, if the interest exceeds Rs.10,000 per annum, TDS is applicable. In this scheme, interest payments are no exemption to deduction of tax at source.
- No, not with this scheme.
- Yes, individual accounts can be opened as well, provided the deposit limit is a maximum of Rs.15 lakh. Of course, it has to adhere to the rules of...
- The whole amount is attributed to the first depositor or applicant. The addition of a spouse as a joint account does not matter in this case.
- Yes, tax deduction of up to Rs.1.5 lakh can be claimed under Section 80C of the Indian Tax Act, 1961.
- As per government regulations, tax has to be deducted at source as per the minimum balance.
- No, a person holding a Power of Attorney cannot sign in place for the nominee in the nomination form.
- Yes, the nominee can hold the account of the expired depositor in case of a death, provided it pertains to the SCSS Rules.
Senior Citizen Savings Scheme (SCSS) is a government-sponsored savings instrument for individuals above the age of 60. Learn more about features, eligibility and interest calculation under the Senior Citizen Savings Scheme.
- If individuals make partial withdrawals from their SCSS account after one year of account opening, then penalty charges will not apply.
- Yes, the joint account facility is available only if an individual opens an account with his/her spouse.
- If the deposit amount is higher than Rs. 10 Lakh, then the deposit shall be made through cheque.
- Yes, a depositor can prolong their SCSS for a term of three years within one year of maturity.
- There is no fee.
Sep 16, 2024 · Senior Citizens Savings Scheme (SCSS) is a government-backed savings instrument offered to Indian residents aged above 50 years. Read this article to know the Senior Citizen Savings Scheme (SCSS), eligibility criteria, SCSS interest rate, benefits, SCSS application form and more.
Discover the benefits of Union Bank of India's Senior Citizens' Savings Scheme. Enjoy attractive interest rates and a safe investment option designed exclusively for senior citizens.
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Bank of Baroda offers the Senior Citizens Saving Scheme (SCSS Scheme) account to individuals above the age of 60 years or 55 years for those who have retired on superannuation. ...Read More. Benefits. Features. Documents Required. Senior Citizen Savings Scheme : Benefits. SCSS limit enhanced to Rs.30.00 lakhs wef 01.04.2023.
