Our valued viewers check complete details
about SCSS Yojana and Senior Citizen Savings Scheme 2017 – 18 from below
tailored section. In our society senior citizens are given the self-importance
of place. These persons have spent a lifetime working, creating life for the
ease of the generations that are to follow them.
Our society hasn’t forgotten these
contributions- honoring its elders with several facilities and concern that are
tasked to make the lives of our older generation better. When it comes to
saving schemes for senior citizens in India, the government has a ample
collection of very attractive programs in store. Please go through complete
details about Senior Citizen Savings Scheme.
Designated for person whose age is above
60, the Saving Schemes for a senior citizen in India are valuable and long term
saving options and offer unmatched security and features that are usually
associated with any government sponsored savings program. These schemes are
available through certified banks as well as the network post offices spread
across India.
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Typical Senior Citizen Saving Scheme (SCSS)
account extends upto 5 years and upon maturity can be afterward extended for an
additional 3 years. Depositor is allowed to make one deposit into this account,
an amount that is a multiple of Rs.1,000 and not extend beyond Rs.15 lakhs.
SCSS accounts are strong, safe, highly targeted and a long term savings
prospect.
Latest
Interest Rates for Senior Citizen Saving Schemes
|
Investment Option
|
Rate of Interest for Quarter 1 : Apr'17 to Jun'17
|
|
Senior Citizen Savings Scheme (SCSS)
|
8.40%
|
Benefits
of Senior Citizen Saving Schemes
|
Easily Available
|
Fill imple application form at your local bank
or post office and you are set.
|
|
Reliability
|
This is a Government of India sponsored
investment product and comes with all the security and assurance associated
with that tag.
|
|
Multiple Accounts
|
A single applicant can open multiple SCSS
accounts, moreover individually or with a joint investor (must be the spouse
of the primary investor).
|
|
High Returns
|
At 8.6% per annum, the returns on your SCSS
accounts are very impressive.
|
|
Flexible Tenure
|
The account has tenure of 5 years but can be extended
to add another 3 years. Thus, your senior citizen saving scheme serves as
either a medium range investment or a long term plan.
|
|
Save Tax
|
As per the order of Section 80C, Income Tax
Act, 1961, the TDS can be saved.
|
|
Choose Your Investment
|
Only one investment is permitted per SCSS
account. This amount must be a multiple of Rs.1000 and not exceed Rs.15
lakhs. Thus, the SCSS investment is vastly affordable and scalable.
|
|
Premature Termination
|
In extreme
financial duress, your SCSS account can be closed and the money accessed.
However, after 1 year, a penalty of 1.5% of the funds in the SCSS account
will be deducted while the same is 1% after the completion of 2 years.
|
|
Minimum Documentation- KYC documents that prove
your age
|
Documents
that can be submitted to substantiate this are- Passport/ Birth Certificate/
Voter’s ID/ Senior Citizen Card/ PAN, etc.
|
Eligibility
Criteria for Senior Citizens Saving Schemes in India
Applicant must be-
·
Aged 60 years or above.
·
Must be aged 55 years or above,
but less than 60 years, provided he/she has retired from his/her employment as
per VRS/superannuation and must open said SCSS account within one month of the
receipt of retirement benefits.
·
Invested amount must not exceed
the amount of the retirement benefits.
·
In case of a joint account, the
eligibility is decided per the aforementioned age requirements of the primary
depositor.
·
No age
restrictions/requirements imposed on the second applicant.
Senior
Citizen Saving Schemes Interest Rates
A lucrative, savings oriented investment
option, the senior citizen saving schemes interest rate is set at 8.6% per
annum (FY 2016-2017). Instead of parking their savings in the low yield savings
bank accounts or risky propositions like mutual funds, the senior citizen
saving schemes offer the Indian senior population the option to invest in a
safe, high yielding and popular savings portfolio.
Senior
Citizen Saving Scheme Rules
·
A prepared approach is vital
for success and peace of mind. When looking to enrol with the senior citizen
saving scheme, ensure that you are well aware of the following conditions-
·
You must be 60 years or above
to enrol.
·
Only one deposit is permitted
per SCSS account.
·
Deposit must be in multiples of
Rs.1,000 with a maximum permissible investment of Rs.15 lakhs.
·
Interest on the money
accumulated in the SCSS account is payable on 31st March/30th September/31st
December in the first instance.
·
Maximum tenure is 5 years. Tenure
can be extended for a further 3 years
·
Account can be easily and
quickly transferred from one bank/post office onto another.
·
SCSS provides nomination
facility that can be availed at the time of opening the account or after said
account has been in operation for a set duration of time.
Senior
Citizen Saving Schemes Calculator
·
Interest rate on SCSS
deposit= 8.6% per annum
·
Interest rate per quarter=
8.6%/4 quarters = 2.175%
·
Interest accumulated for every
Rs.100 = Rs .2.175
·
Interest accumulated for every
Rs.1 = (2.175/100)= 0.02175
Senior
Citizen Saving Schemes Offered by Different Banks
As of 2004, 24 public sector and one
private sector bank are authorized to offer the SCSS option. The following is
the comprehensive list of said banks:
·
Public Sector Banks,
·
Allahabad Bank
·
Andhra bank
·
State Bank of India
·
State Bank of Mysore
·
State Bank of Bikaner and
Jaipur
·
State Bank of Patiala
·
State Bank of Travancore
·
State Bank of Hyderabad
·
Bank of Maharashtra
·
Bank of Baroda
·
Bank of India
·
Corporation Bank
·
Canara Bank
·
Central Bank of India
·
Dena Bank
·
Syndicate Bank
·
UCO Bank
·
Union Bank of India
·
Vijaya Bank
·
IDBI Bank
·
Indian Bank
·
Indian Overseas Bank
·
Punjab National Bank
·
United Bank of India
Private
Sector Bank
ICICI Bank Ltd.
Senior
Citizen Saving Scheme
As of 1.10.2016, the interest rates
for senior citizen saving scheme has been revised to 8.5%. payable
from the date of deposit of 31st March/30th Sept/31st December in the first
instance thereafter, interest shall be payable on 31st March, 30th June, 30th
Sept and 31st December.
·
Interest rate on SCSS
deposit=8.5% per annum
·
Interest rate per quarter=
8.5%/4 = 2.125
·
Interest accumulated for every
Rs.100=Rs.2.125
·
Interest accumulated for every
Rs.1 = (2.125/100)= 0.02125
·
A depositor for the senior
citizen saving scheme is allowed only one deposit of multiples of Rs.1000 not
exceeding Rs.15 lakh
·
An account be opened by cash if
it below Rs.1 lakh, anything above Rs.1 lakh - the account can be opened only
by cheque
·
A premature closure of the
savings account is permitted only after a year, whereby the account holder will
be charged 1.5% of the savings and 1% after two years.
Important
Note:
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