Senior Citizen Savings Scheme (SCSS) By Indian Post

Last updated on August 12, 2015 Published by

Senior Citizen Savings Scheme

Senior Citizen Savings Scheme is a Government Product which offer higher interest rate. The scheme was launched in Year 2004 for the benefit of senior citizens of India.

Tenure of the Senior Citizen Savings Scheme
The Tenure of the Senior Citizen Savings Scheme is 5 years from the date of opening of the account. On maturity the amount in the Senior Citizen Savings Scheme can be withdrawn by submitting Application Form E.

However the deposit scheme can be extended by 3 years, after submitting the Form B within 1 year from the date of the maturity.

Minimum And Maximum Amount of Deposit in Senior Citizen Savings Scheme:
As per the scheme, there will be only one deposit in account in multiple of Rs. 1000.
The minimum amount to be deposited is Rs. 1000 and the maximum amount to be deposited is Rs. 15 Lakh.

Interest Rate on Senior Citizen Savings Scheme:
The interest on this scheme is decided by Government of India and it keeps on changing every year. For current financial year the interest rate on  Senior Citizen Savings Scheme is 9.3% per annum. (Current rate 8.60%w.e.f 1st April, 2016)
Tax will be deducted as per the income tax rules. TDS on interest @10% would be deducted, if the interest paid during the year is more than Rs. 10,000.

The  Senior Citizen Savings Scheme can be opened in any Post Office all over India. Now Government allowed to open  Senior Citizen Savings Scheme in specified Banks. Individual who has attained 60 years can open this account.

For more information on this please read http://www.indiapost.gov.in/scss.aspx

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