Senior Citizen Savings Scheme 2024 SCSS SBI Account Yojana Age

Senior Citizen Savings Scheme

Hellow Friends, you can check all details regarding Senior Citizen Savings from below tailored section. In our society senior citizens are given the self-importance of place. Candidates have spent a lifetime working, creating life for the ease of the generations that are to follow them. Our society hasn’t forgotten these contributions- respect its elders with several facilities & concern that are tasked to make the lives of our older generation good. When it comes to saving schemes for senior citizens in India, the government has a ample collection of very attractive programs in store. Please go via aal information regarding this Scheme.

जिनकी उम्र 60 वर्ष से ऊपर है, भारत में एक वरिष्ठ नागरिक के लिए बचत योजनाएं बहुमूल्य और दीर्घकालिक बचत विकल्प हैं और जो आम तौर पर किसी भी सरकारी प्रायोजित बचत कार्यक्रम से जुड़े हैं, ये योजनाएं प्रमाणित बैंकों के साथ-साथ पूरे भारत में नेटवर्क पोस्ट ऑफिस के माध्यम से उपलब्ध हैं।

Typical Senior Citizen Saving Scheme (विशिष्ट वरिष्ठ नागरिक बचत योजना) account extends up to five years and upon maturity can be afterward extended for an additional three years. Depositor is allowed to make one deposit into this account, an amount that is a multiple of Rs.1,000 and not extend beyond Rs.15 lakhs. SCSS accounts are 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
Senior Citizen Savings Scheme (SCSS)	8.40%

Benefits of Senior Citizen Saving Scheme ->>

Easily Available	Fill imple application form at your local bank or post office and you are set.
Reliability	This is a Government of India sponsored investment product and comes with all the security and assurance associated with that tag.
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).
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.
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 be-

Aged 60 years or above.

Must be aged 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 vital 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-

You must be 60 years or above to enrol.

Only one deposit is permitted per SCSS account.

Deposit must 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

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