The Real Truth about Senior Citizen Saving Schems - PowerPoint PPT Presentation

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The Real Truth about Senior Citizen Saving Schems

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The Senior Citizen Savings Scheme (SCSS) is a long-term savings option with attractive features that offers security to investors. Download to know more about SCSS – PowerPoint PPT presentation

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Title: 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
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