Senior Citizen Savings Scheme (SCSS) is a government-backed savings scheme offered to Indian residents aged over 60 years. The deposit matures after 5 years from the account opening date but can be extended once by an additional 3 years. The SCSS interest rate for October to December 2019 has been set at 8.7%. This is the highest interest rate among the various small savings schemes in India. SCSS is opened through Public/ Private sector Banks and India Post Offices. Being a government-backed savings scheme, the terms and conditions applicable to the SCSS are the same, regardless of the bank/ post office, you invest through.
The Senior Citizen Savings Scheme (SCSS) was launched with the main aim of providing a regular income to the senior citizen of the country after they attain the age of 60 years. The main benefits of the scheme are:
– Tax benefits under Section 80 C
– It is very much safe to invest in the scheme
– The Scheme provides the highest rate of interest of 8.7% p.a.
– Premature withdrawal is also allowed
with this scheme.
– The scheme also comes with various security features and provides individuals a savings option for the long run. The Senior Citizen Savings Scheme is available at post offices and certified banks across the country.
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The eligibility criteria for the Senior Citizen Savings Scheme are as mentioned below:
– Any individual who has attained the age of 60 years or above.
– Any individuals who have attained the age of 55 years, but are below the age of 60 years and have retired on superannuation are eligible to open the Senior Citizen Savings Scheme account.
– Any individuals who have attained the age of 55 years old and have retired before the implementation of the Senior Citizen Savings Scheme rules are eligible under the scheme.
– Under the SCSS, retired Defence Services personnel are eligible irrespective of their age. However, certain other specific conditions must be met by these individuals.
– Non-Resident Indians (NRIs) are not eligible to open an SCSS account.
– Hindu Undivided Families (HUFs) are not eligible to open an SCSS account as well.
Given below are the documents that individuals must submit in order to open an SCSS account:
– Two passport-size photographs
– Form A must be completely filled and submitted.
– Identity proof such as Passport or Permanent Account Number (PAN) Card must be submitted.
– Individuals must submit proof of address such as Aadhaar Card or telephone bill.
– A document confirming the individual’s age must be submitted. Age proof document can be the PAN Card, Voter ID, Birth Certificate, Senior Citizen Card, or Passport.
– All the documents that are submitted to open an account must be self-attested.
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