Senior Citizen Savings Scheme (SCSS), 2004 Government of India launched this product in 2004. Availability: All our branches are authorised to open SCCS accounts. Who can open: An individual who has attained the age of 60 years & above. On superannuation, retired personnel of 55 years & more. Retired Defence personnel above 50 years. HUF & NRI are not eligible to open these accounts. Documents required to open: Retirement/ Superannuation benefit from the employer in case of individual age is less than 60 years. PAN card & Aadhaar card is compulsory. Mode of operation: Individual account can be opened. Joint account only with spouse can be opened. A depositor may operate more than one account under these rules subject to condition that deposits in all accounts taken together shall not exceed the maximum specified limit & only one account can be opened in a calendar month. Deposit amount: There should be only one deposit in the account in multiple of one thousand rupees not exceeding Rupees fifteen lakh. Mode of deposit: Deposit can be made through Cash/ Clearing/ Transfer or through any electronic mode. By Cash if the amount of deposit is less than Rs.1 lakh. Interest: Rate of interest as applicable on the date of account opening. It is decided by the Government on quarterly basis. Interest is paid quarterly on the last day of each March, June, September & December quarter. The pro rata interest is paid for the short period in a quarter.
Senior Citizen Savings Scheme (SCSS), 2004 Government of India launched this product in 2004. Availability: All our branches are authorised to open SCCS accounts. Who can open: An individual who has attained the age of 60 years & above. On superannuation, retired personnel of 55 years & more. Retired Defence personnel above 50 years. HUF & NRI are not eligible to open these accounts. Documents required to open: Retirement/ Superannuation benefit from the employer in case of individual age is less than 60 years. PAN card & Aadhaar card is compulsory. Mode of operation: Individual account can be opened. Joint account only with spouse can be opened. A depositor may operate more than one account under these rules subject to condition that deposits in all accounts taken together shall not exceed the maximum specified limit & only one account can be opened in a calendar month. Deposit amount: There should be only one deposit in the account in multiple of one thousand rupees not exceeding Rupees fifteen lakh. Mode of deposit: Deposit can be made through Cash/ Clearing/ Transfer or through any electronic mode. By Cash if the amount of deposit is less than Rs.1 lakh. Interest: Rate of interest as applicable on the date of account opening. It is decided by the Government on quarterly basis. Interest is paid quarterly on the last day of each March, June, September & December quarter. The pro rata interest is paid for the short period in a quarter.
Senior-Citizen-Savings-Scheme.docx