SENIOR CITIZEN SAVING SCHEME
Government of India has introduced the Senior Citizens Savings Scheme, 2004 (SCSS) with effect from 1st November 2004
Salient Features of the Scheme
Tenure of the Scheme
5 years, which can be extended by 3 more years
Rate of interest
As per Government notification
Frequency of Computing interest
Interest is fully taxable
Investment to be in multiples of
Maximum investment limit
Minimum eligible age
60 years (55 years for those who have retired under a voluntary or a special voluntary scheme provided investment is made within 1 month of date of receipt of retirement benefits),
for retired personnel of Defense Services (excluding Civilian Defense Employees) - no age limit.
Facility of premature withdrawals
Available after1 year of holding but with penalty
Mode of Holding
Generally single, Joint mode is permitted but only spouses will be allowed to open accounts jointly with beneficiaries.
Availability of applications forms
Forms will also be available with our authorized branches.
Account under the scheme can be opened at any of the 1227 authorized branches
Please click here
In case of difficulty, contact our Customer Care at: 1800-22-22-44”