Senior Citizen Savings Scheme
Through this web page capable applicants will able to check complete
details about SCSS Yojana and Senior Citizen Savings Scheme.
In our society
senior citizens are given the self-importance of place. These individuals have
spent a lifetime working, making life for the ease of the generations that are
to follow them.
Dear candidates our society hasn’t forgotten these contributions-
honoring its elders with many facilities and concern that are tasked to create the
lives of our older generation superior. When it comes to saving schemes for
senior citizens in India nation, the government has an ample collection of very
good programs in store.
Designated for individual whose age is more than 60 years, the Saving
Schemes for a senior citizen in India are valuable and long term saving options
and offer unmatched security and characteristics that are generally connected
with any government sponsored savings program. These schemes are announced
through certified banks and network post offices spread across India.
Senior Citizen Savings Scheme Overview
Dear candidates typical senior citizen saving scheme (SCSS) account
extends upto five years and upon maturity may be subsequently extended for an
additional three years. Depositor is permitted to make 1 deposit into this
account, an amount which is a multiple of Rs.1, 000 and not extend beyond rupees
fifteen lakhs. Senior citizen saving scheme accounts is strong, safe, highly
targeted and a long term savings prospect.
Latest Interest Rates for Senior Citizen Saving Schemes
Investment Option
|
Rate of Interest for Quarter 1 : Apr'17 to Jun'17
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Senior Citizen Savings Scheme (SCSS)
|
8.40%
|
Benefits of Senior Citizen Saving Schemes
Easily
Available
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Fill
Simple application form at your local bank or post office and you are set.
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Reliability
|
This
is a Government of India sponsored investment product and comes with all the
security and assurance associated with that tag.
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Multiple
Accounts
|
A
single applicant can open multiple SCSS accounts, moreover individually or
with a joint investor (must be the spouse of the primary investor).
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High
Returns
|
At
8.6% per annum, the returns on your SCSS accounts are very impressive.
|
Flexible
Tenure
|
The
account has tenure of 5 years but can be extended to add another 3 years.
Thus, your senior citizen saving scheme serves as either a medium range
investment or a long term plan.
|
Save
Tax
|
As
per the order of Section 80C, Income Tax Act, 1961, the TDS can be saved.
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Choose
Your Investment
|
Only
one investment is permitted per SCSS account. This amount must be a multiple
of Rs.1000 and not exceed Rs.15 lakhs. Thus, the SCSS investment is vastly
affordable and scalable.
|
Premature
Termination
|
In
extreme financial duress, your SCSS account can be closed and the money
accessed. However, after 1 year, a penalty of 1.5% of the funds in the SCSS
account will be deducted while the same is 1% after the completion of 2
years.
|
Minimum
Documentation- KYC documents that prove your age
|
Documents
that can be submitted to substantiate this are- Passport/ Birth Certificate/
Voter’s ID/ Senior Citizen Card/ PAN, etc.
|
Eligibility Criteria for Senior Citizens Saving Schemes in India
- Applicant must have all provided eligibility -
- Age 60 years or above.
- Age 55 years or above, but less than 60 years, provided he/she has retired from his/her employment as per VRS/superannuation and must open said SCSS account within one month of the receipt of retirement benefits.
- Invested amount must not exceed the amount of the retirement benefits.
- In case of a joint account, the eligibility is decided per the aforementioned age requirements of the primary depositor.
- No age restrictions/requirements imposed on the second applicant.
Senior
Citizen Saving Schemes Interest Rates
A lucrative, savings oriented investment option, the
senior citizen saving schemes interest rate is set at 8.6% per annum.
Instead of parking their savings in the low yield savings bank accounts or
risky propositions like mutual funds, the senior citizen saving schemes offer
the Indian senior population the option to invest in a safe, high yielding and
popular savings portfolio.
Senior
Citizen Saving Scheme Rules
- A prepared approach is imperative for success and peace of mind. When looking to enrol with the senior citizen saving scheme, ensure that you are well aware of the following conditions-
- must be 60 years or above to enrol.
- Only one deposit is permitted per SCSS account.
- Deposit should be in multiples of Rs.1,000 with a maximum permissible investment of Rs.15 lakhs.
- Interest on the money accumulated in the SCSS account is payable on 31st March/30th September/31st December in the first instance.
- Maximum tenure is 5 years. Tenure can be extended for a further 3 years
- Account can be easily and quickly transferred from one bank/post office onto another.
- SCSS provides nomination facility that can be availed at the time of opening the account or after said account has been in operation for a set duration of time.
Senior Citizen Saving Schemes Calculator
- Interest rate on SCSS deposit= 8.6% per annum
- Interest rate per quarter= 8.6%/4 quarters = 2.175%
- Interest accumulated for every Rs.100 = Rs .2.175
- Interest accumulated for every Rs.1 = (2.175/100)= 0.02175
Senior Citizen Saving Schemes Offered by Different Banks
As of 2004, 24 public sector and one private sector
bank are authorized to offer the SCSS option. The following is the
comprehensive list of said banks:
Public Sector Banks
- Allahabad Bank
- Andhra bank
- State Bank of India
- State Bank of Mysore
- State Bank of Bikaner and Jaipur
- State Bank of Patiala
- State Bank of Travancore
- State Bank of Hyderabad
- Bank of Maharashtra
- Bank of Baroda
- Bank of India
- Corporation Bank
- Canara Bank
- Central Bank of India
- Dena Bank
- Syndicate Bank
- UCO Bank
- Union Bank of India
- Vijaya Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- Punjab National Bank
- United Bank of India
Private Sector Bank
ICICI Bank Ltd.
Senior Citizen Saving Scheme
- As of One October Two Thousands Sixteen, the interest rates for senior citizen saving scheme has been revised to 8.5%. payable from the date of deposit of 31st March/30th Sept/31st December in the first instance thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December.
- Interest rate on SCSS deposit=8.5% per annum
- Interest rate per quarter= 8.5%/4 = 2.125
- Interest accumulated for every Rs.100=Rs.2.125
- Interest accumulated for every Rs.1 = (2.125/100)= 0.02125
- A depositor for the senior citizen saving scheme is allowed only one deposit of multiples of Rs.1000 not exceeding Rs.15 lakh
- An account be opened by cash if it below Rs.1 lakh, anything above Rs.1 lakh - the account can be opened only by cheque
- A premature closure of the savings account is permitted only after a year, whereby the account holder will be charged 1.5% of the savings and 1% after two years.
Note: For latest details related to Senior Citizen Savings Scheme candidates
can open our website time to time.
Take a Look on Below Table
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