The Senior Citizens' Savings Scheme (SCSS) is a government scheme that helps senior citizens save money for retirement and receive quarterly interest payments. This account can be created at any bank or post office singly or jointly with your spouse. It has a 5-year maturity period that can be extended up to an additional 8 years.
Scheme:
· Minimum deposit ₹1000/- & in the multiples thereof with a maximum deposit of ₹15 lacs.
· An individual who has attained the age of 60 years or above on the date of opening of an account or an individual who has attained the age of 55 years or more but less than 60 years and has retired under Superannuation, VRS or Special VRS, can open an account.
· Retired personnel of Defence Services (excluding Civilian Defence Employees) may open an account on attaining the age of fifty years subject to the fulfilment of other specified conditions.
· A depositor may open an account individually or jointly with a spouse.
· Interest shall be payable from the date of deposit to 31st March/ 30th June/30th September/31st December on the 1st working day of April/July/October/January as the case may be, in the first instance and thereafter, interest shall be payable on 1st working day of April/July/October/January.
· The account can be closed after the expiry of 5 years from the date of opening of the account.
· The depositor may extend the account for a further period of 3 years.
· Premature closure is permissible subject to certain conditions.
· Deposits in SCSS qualify for deduction u/s 80-C of Income Tax Act.
Click Here To Register Now
For further information, click on the links below:
https://www.nsiindia.gov.in/InternalPage.aspx?Id_Pk=168
https://www.nsiindia.gov.in/InternalPage.aspx?Id_Pk=62
For Interest Rate, click on link below: