The Real Truth about Senior Citizen Saving Schems

1
Secrets about Senior Citizen Savings Scheme(SCSS)
2
What is it?

• The Senior Citizen Savings Scheme (SCSS) is a
  long-term savings option with attractive features
  that offers security to investors.
• Designated for individuals above the age of 60,
  the Saving Schemes for senior citizens in India
  are effective.
• The Senior Citizen Saving Scheme (SCSS) account
  extends upto 5 years and upon maturity can be
  subsequently extended for an additional 3 years

3
Main Features of SCSS

• An individual aged 60 years or above can open an
  account.
• An individual between 55 and 60 years of age can
  also participate in the scheme on fulfilling
  certain eligibility criteria.
• The maturity period of the SCSS account is 5
  years.
• A person may operate more than one account
  individually or jointly with spouse. The first
  depositor in the joint account will be the
  investor.
• If a cheque is deposited, the realization date of
  the cheque in the Government account will be the
  date of opening of the account.
• Only one deposit should be made in the account in
  multiples of Rs.1,000. The maximum deposit should
  not exceed Rs.15 lakh.

4
How to Access this Scheme

• An individual can participate in the scheme
  through a certified bank or a post office.
• Benefits of Senior Citizen Savings Scheme
• Interest rates under SCSS are very attractive.
• Nomination facility is available under the
• scheme.
• The account can be transferred from
• one post office to another.
• Any number of accounts can be opened
• in multiple post offices, provided that the total
• balance in all accounts does not exceed the
  maximum investment limit.

5

• Interest can be drawn through auto credit into
  the savings account of the investor in the same
  post office. This can be done through PDCs or
  Money Order.
• Interest is paid on a quarterly basis.
• After maturity, the account can be extended for
  the next 3 years, if needed. However, this should
  be done within 1 year of maturity. In such a
  scenario, the account can also be closed at any
  time after 1 year post extension.
• Investments under this scheme qualify for tax
  benefits under Section 80C of the Income Tax Act,
  1961.

6
Eligibility for Senior Citizens Saving
Scheme(SCSS)

• Age should be 60 years or above.
• If person aged 55 years or above, he has retired
  from his employment as per VRS regulations.
• Joint account also available, No age requirement
  available for second applicant.

7

• Apply Senior Citizen Saving Scheme online
• https//www.bankbazaar.com/saving-schemes/senior-c
  itizen-saving-scheme.html