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Senior Citizen Saving Scheme

Senior Citizen Saving Scheme

Government of India had come with a scheme called Senior Citizen Saving Scheme in 2004 in order provide a good source of investment to senior citizens so that it would be useful to them at their times of no earnings.

Where once can open an account ?

One who is eligible for this scheme can open the Senior Citizen Saving Scheme account in any post office branch across India and in the branches of all nationalized and some private banks.

Eligibility :

1) An individual who has attained the age of 60 years or above.

2) An individual Who has attained the age of 55 years or more but less than 60 years, and who has retired on superannuation.

3) Retired personnel of Defence Services shall be eligible to subscribe under the scheme irrespective of the above age limits subject.

Single or joint account :

The Individual may open a single account or a joint account with the spouse. And it was not said any where that the spouse should be a senior citizen.

One or more account :

A depositor may operate more than one account subject to the condition that deposits in all accounts taken together shall not exceed the maximum limit of Rs.15 lakhs and provided that deposits by depositors shall be restricted to the retirement benefits or Rupees 15 lakhs whichever is lower.

Nomination :

The depositor may, at the time of opening of the account, nominate a person or persons who, in the event of death of the depositor, will be entitled to payment due on the account. Nomination can be made even after opening the account but it should be made before closure of the account.

Minimum deposit :

Rs. 1000 and in multiples thereof.

Maximum deposit :

The maximum amount of deposit is Rs. 15 Lakh.

Rate of interest :

Rate of interest is decided by ministry of finance every year. The Interest Rate on Senior Citizen Saving Scheme for the financial year 2014-15 is 9.2% p.a. And interest is paid quarterly.

Taxability of Interest :

The Interest on SCSS is not tax free and tax is required to be paid as per the Slab Rates. And,TDS on Interest @ 10% would also be deducted if the interest paid during the year is more than Rs. 10,000.

Tenure of the scheme :

The Tenure of Senior Citizen Saving Scheme is 5 years and from the date of opening the account.

Extension :

A depositor may extend the account for a further period of three years by making an application to the deposit office within a period of one year after maturity.

Premature withdrawal :

1) Premature withdrawal / closure of the deposits from the accounts under the SCSS, 2004 has been permitted after completion of one year from the date of opening of the account after deducting the penalty amount as given below.

A) If the account is closed after 1 year but before expiry of 2 years from the date of opening of the account, an amount equal to 1.5% of the deposit shall be deducted.

2) If the account is closed on or after the expiry of 2 years from the date of opening of the account, an amount equal to 1 % of the deposit shall be deducted

Senior Citizen Saving Scheme

Gujarat VAT department has issued circular

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