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This saving scheme option is exclusive to senior citizens in India. Ideally, the applicant must be 60 years or more but those between the ages of 55-60 years, are retired or have opted for VRS, can also apply, provided that the account is opened within one month of the receipt of their retirement benefits.
Reason to invest in SCSS
Investing in SCSS is a very good opportunity for senior citizens above 60 years to make money. This is an effective & long term saving option which offers security and features that are usually associated with any government-sponsored savings or investment scheme. These schemes are available through certified banks and post offices across India.
Following is the list of the documents required for investing in the scheme:
(a) Duly filled application form, available at the post office or bank
(b) Know Your Customer (KYC) form
(c) Photographs of the applicant/s
(d) Permanent Account Number (PAN)
(f) Address proof
(g) Age proof
(h) In the case of retirees, a certificate from the employer, stating the retirement was on superannuation or otherwise, retirement benefits, employment held (designation) and the period of employment.
(i) Proof of date of disbursal of the retirement benefits
The tenure of the scheme is five years, which can be further extended for three more years. Premature withdrawals are allowed, but only after one year and with premature withdrawal charges.
If one prematurely withdraws after a year, but before two years from the start date, the charges are 1.5 per cent of the deposit, and after 2 years it is 1 per cent.
No charges are levied in case of premature closure of account due to the depositor’s death.
If the depositor wishes to close the account after the completion of five years and receive the maturity amount then he needs to submit the duly filled ‘Closure Form’, along with the passbook.
To apply for the extension of the scheme for another three years after it has completed its mandated five-year tenure; the investor must submit the duly filled form of the extension of the scheme.
Features of SCSS
Eligibility for SCSS
The following people/groups are eligible to opt for SCSS:
Benefits of SCSS
As a savings and investment product for the 60+ year olds, the Senior Citizens Savings Scheme Account is a heaven-sent. Boasting of one of the best interest rates for any government sponsored investment product in India, the senior citizens savings scheme is customized to suit the specific requirements of an investment minded senior citizen. The salient features and benefits of this option are as follows-
How to open a SCSS account?
The SCSS account can be opened in any of the authorized banks or post office branch across India with following documents:
All the above documents should have to be self-attested.
Senior Citizens Savings Scheme Rules
A structured approach is crucial for success and peace of mind. When looking to enrol with the senior citizens savings scheme, ensure that you are well aware of the following conditions-