Senior Citizen Saving Scheme is a government backed savings scheme for senior citizen.
| Interest Rate | 8.6% per annum payable monthly |
| Minimum Investment Amount | Rs. 1000, and then in multiples of 1000 |
| Maximum Investment Amount | Individual: Rs. 15 lakhs |
| Maturity | 5 Years |
| Age | Min. age 60 years. Person of age 55 years can also apply, provided he is retired on superannuation or has taken VRS, and is able to produce required documents. retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of 50 years subject to the fulfilment of other specified conditions |
Other Salient Features:
- A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife)
- Account can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and above by Cheque only.
- In case of Cheque, the date of realization of Cheque in Govt. account shall be date of opening of account.
- Nomination facility is available at the time of opening and also after opening of account.
- Account can be transferred from one post office to another
- Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
- Joint account can be opened with spouse only and first depositor in Joint account is the investor.
- In case of SCSS accounts, quarterly interest shall be payable on 1st working day of April, July, October and January. It will be applicable at all CBS Post Offices.
- *Quarterly interest of SCSS accounts standing at CBS Post offices can be credited in any savings account standing at any other CBS post offices.
- Premature closure is allowed,
(i) If closed before 1 year , no interest will be payable, if paid already will be recovered.
(ii) after one year on deduction of an amount equal to1.5% of the deposit to be deducted
(iii) after 2 years 1% of the deposit to be deducted. - After maturity, the account can be extended for further three years within one year of the maturity by giving application in prescribed format. In such cases, account can be closed at any time after expiry of one year of extension without any deduction.