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Image SENIOR CITIZEN SAVING SCHEME

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
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
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

Transferability feature
Not available

Nomination Facility
Available

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.

In case of difficulty, contact our Customer Care at: 1800-22-22-44


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