Union Bank of India- Product

Search

Home You are here : path  Products path Personal path Senior Citizen Saving Scheme

ImageSENIOR CITIZENS’ SAVINGS SCHEME, 2019

As per Government of India’s notification dated 12.12.2019, this scheme is called as Senior Citizens’ Savings Scheme, 2019.

Salient Features of the Scheme :

Tenure of the Scheme

  • 5 years, which can be extended only once for 3 more years.

Rate of interest
As per Government notification
http://www.unionbankofindia.co.in/government-saving-scheme.aspx

Frequency of Computing interest

  • Quarterly

Tax aspects

  • Interest is fully taxable

Investment to be in multiples of

  • Rs.1000/-

Maximum investment limit

  • Rs.15 lakh

Minimum eligible age

  • An individual who has attained the age of 60 years on the date of opening of the account (Except NRIs and HUFs)
  • 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.
  • Retired personnel of Defence Services (excluding Civilian Defence Employees) on attaining the age of 50 years.

Facility of premature withdrawals

  • Available after 1 year of holding but with penalty

Nomination Facility

  • Available

Mode of Holding

  • Generally single, joint mode is permitted but only spouses will be allowed to open accounts jointly with beneficiaries.

union

union