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| Senior Citizens Savings Scheme - 2004 (SCSS) |
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| Government of India has introduced the Senior Citizens Savings Scheme, 2004 (SCSS) with effect from 1st November 2004. |
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| Salient Features of the Scheme |
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Tenure of the Scheme
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5 years, which can be extended by 3 more years
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Rate of interest
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9% (simple interest)
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Frequency of Computing interest
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Quarterly
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Tax aspects
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Interest is fully taxable
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Investment to be in multiples of
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Rs.1000/-
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Maximum investment limit
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Rs.15 lakhs
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Minimum eligible age
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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 Defence Services (excluding Civilian Defence Employees) - no age limit.
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Facility of premature withdrawals
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Available after1 year of holding but with penalty
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Transferability feature
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Not available
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Tradability
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Not available
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Nomination Facility
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Available
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Mode of Holding
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Generally single, Joint mode is permitted but only spouses will be allowed to open accounts jointly with beneficiaries.
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Availability of applications forms
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Forms will also be available with our authorizedbranches.
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| Following 536 branches of our Bank are authorized to operate the SCSS Scheme. |
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| Product Testimonial |
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| Quick Links |
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 | | Link To: Union Home |
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