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Senior Citizen Saving Scheme is one of the popular schemes among senior citizens, the person at the age of 60 or above.
Senior Citizens’ Saving Scheme
The financial dynamics of every person change after retirement. Instead of looking for investment or growing his/her wealth, the person looks for stability and protection of his wealth. Meanwhile, earning a fixed amount on the capital at particular intervals like quarterly will be the icing on the cake.
Senior Citizen Saving Scheme is one of the popular schemes among senior citizens, the person at the age of 60 or above. It is a government-sponsored saving instrument that offers guaranteed interest every quarter to subscribers.
The rate of interest has been fixed by the Indian government every quarter.
Senior Citizens’ Savings Scheme: Minimum Deposit
Under the Senior Citizens’ Savings Scheme, the subscriber needs to deposit at least Rs 1000 or in the multiples thereof with a maximum deposit of Rs 30 lakhs.
Senior Citizens’ Savings Scheme: Age
The scheme opens for an individual who has attained the age of 60 years or above on the date of opening of an account or an individual who has attained the age of 55 years or more but less than 60 years and has retired under Superannuation, VRS or Special VRS. They can open an account under Senior Citizens’ Savings Scheme.
Retired personnel of Defence Services (excluding Civilian Defence employees) may open an account on attaining the age of fifty years subject to the fulfilment of other specified conditions.
Senior Citizens’ Savings Scheme: Tax Benefit
A subscriber can get tax benefits in the deposits in SCSS under 80-C of the Income Tax Act.
Senior Citizens’ Savings Scheme: Closing Process
The subscriber of Senior Citizens’ Savings Scheme can close his/her account after expiry of 5 years from the date of opening of account. The depositors may extend the account for further period of 3 years.
How To Open An Account Under Senior Citizens’ Saving Scheme
Customers can visit their local post office or bank branch and fill up the related form. They are required to present KYC documents, age proof, ID proof, Address Proof, and cheque for deposit amount.
