Senior Citizen Saving Scheme
Senior Citizen Saving Scheme (SCSS) is a Indian Government backed scheme started in 2004 aimed at providing security to senior citizens or those who retired from service.[1]. An individual who had attained the age of 60 during account opening or those who are retired and between the age of 55 and 60 during account opening are eligible for this scheme. A retired Personnel of Defense Services (Excluding Civilian Defense Employees), who has attained the age of 50 years can also subscribe to the scheme subject to fulfillment of other specified conditions. This scheme is single payment deposit scheme that earns interest every quarter of the financial year.
Other features[edit]
- The minimum deposit amount is Rs.1000 and maximum deposit amount is Rs. 1,500,000. The deposit amount should be in multiples of Rs.1000.
- Maturity period is 5 years after which depositor can either withdraw or extend it for another 3 years
- Premature closure is permissible after expiry of one year from the date of opening account subject to certain conditions.
- Deposits in SCSS qualify for deduction u/s 80-C of Income Tax Act.
- Couples can have their individual accounts as well as joint account simultaneously.
Banks and other who offer[edit]
Select branches of designated nationalized banks and post offices offer SCSS account opening. Apart from them, ICICI Bank also offers SCSS [2]
References[edit]
Found that there is no page already existing about SCSS scheme.[edit]
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