Senior citizens savings scheme is a government based scheme which helps people of India who are above 60 years of age. Deposit matures after the five years of opening the And extends one by an additional three years. The SCSS interest from April to June 2020 has been set at 7.4%. Is considered to be the highest rate among all this small scheme considered in India. SCSS is available through all the Public / Private sector banks and the Indian Post Office too. The terms and conditions are the same as that of the regardless bank and post office.
*Eligibility of Senior Citizens Savings Scheme:-
To be eligible for the senior citizen’s savings scheme following eligibility criteria should be followed.
• The scheme is eligible to the citizens of India who are above the age of 60 years.
• This scheme is available to those people who have attained 55 years of age but less than 60 years old are also eligible for this scheme, they have retired under applicable superannuation or VRS rules.
• In this case account can be open within one month of retirement and have the benefit.
• This scheme is also available for the retired defend personnel irrespective of age limit from 55-60 years of age or more than 60 years of age to fulfill other terms and conditions of this scheme.
• Nonresidents India (NRIs) And a person of Indian origin at are not eligible to open a senior citizen savings scheme.
• In edition also Hindu undivided family members are also not able to open this scheme.
• This scheme benefits all the citizens of India who are born and brought up in India.
*How to Open SSCS in Post Office:-
• You can open senior citizen savings schemes in all the post offices of India.
• The interest which is earned from senior citizens savings scheme is directly beneficial to the Investors linked saving account in the same Post Office.
• It is very simple to open an account in the post office by simply filling up the form which is required to be filled by the given member off the post office.
*Senior Citizen Saving Scheme Account Opening in Bank:-
• apart from the post office this form is also being filled at public or private bank sectors. The following are the key benefits of filling the form in the bank.
• 24*7 Public service is being provided by the bank sectors.
• The accrued interest is directly benefited to the depositor’s saving bank account held with the bank branch.
• Standard account statement are being forwarded to depositors who deposit in the bank through post or e-mail
Also, read – Rashtriya Swasthya Bima Yojana: Enrollment Process
*SCSS form Download Online:-
To download the senior citizens’ savings scheme form online follow the following steps.
• Senior citizen savings scheme form is applicable at offline mode through the post office and online mode as well.
• If a candidate is planning to open an account at the Indian post office, Senior Citizens Savings Scheme then the applicant needs to download the SCSS application form from the Official Indian Post Website.
• Currently the senior citizen’s savings scheme form cannot be Opened through the online route so the candidate needs to print out that form, and fill-up the form, and submit the complete SCSS form application form ( bank /at the post office ) along with the documents which are supporting the form.
• While filling up the form the mention below requirement is supposed to be filled.
- Applicant name and PAN
- Name of the primary applicant’s ( Mother/ Father/ Husband/ Wife)
- In case of a joint account with the spouse you have to mention the name, age, and address of your spouse.
- Cheque/ demand draft amount and number ( if applicable)
- Nominee name, age, and address ( if you wish to have more than one nominee than mention the detail of the individual share of each nominee).
*List of bank offering SCSS Account:-
The following are the banks who are offering the Senior Citizens Savings Scheme:-
• Allahabad Bank
• Andhra Bank
• State Bank of India.
• 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.
*Benefits of Saving in Senior Citizens Savings Scheme:-
• Being a government potential scheme which includes lots of protection and guaranteed savings which helps lots of people at an old age.
• The scheme has the highest interest rate that of 7.4%. This is higher than most of the tax-saving instruments in Sector 80C.
• flexibility in investing a One can invest the number of rupees 1000up to a maximum amount of 1.5 lacks. Here one time investments are allowed.
• The option of withdrawal of money in case of financial emergencies.
• This scheme is easily available at Indian post And designated bank branches located across the countries.