Who can open the account

Deposit Office
Limit of Investment Maturity Period
Rate of Interest  Mode of payment of interest
Pre Mature Encashment Post Maturity Interest
Special Features

 

SENIOR CITIZEN SAVINGS SCHEME (SCSS)

Sl. No.

Name of the Scheme

Interest Maturity Period Limit of Deposit Place of Deposit
  SCSS

 

9% pa 5 years
May be extended for another 3 years
on the option of depositor
Min: Rs.1,000/-
Max: Rs.15,00,000/-

Any Post office doing savings bank work
Any of the branches of SBI, specified Nationalised Banks which are doing PPF work (w.e.f.1-11-04)

 

 

Who can open the account

An Individual who attained the age of 60 years and above on the date of opening of an account.

An Individal who attained the age of 55 years but less than 60 years who has retired under VRS on the date of opening of the account.

Joint Account with Spouse 

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Deposit Office
 
Any Post office doing savings bank work.

 

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Limit of Investment
 
There can be only one deposit in the account

Minimum limit : Rs.1,000/-

Maximum Limit : Rs.15,00,000/-

 

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Maturity Period
 
5 years

May be extended for another 3 years on the option of depositor 

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Rate of interest
9% p.a

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Mode of payment of interest
Interest payable Quarterly basis

 - from the date of deposit to 31st march

 - 30th June

 - 30th September

 - 31st December

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Pre Mature Encashment
Account can be closed after one year and before second year. The amount equal to 1.5% on the balance amount will be deducted and balance will be paid to depositor

If the account is closed after 2 years from the date of opening of account, then the amount equal to 1% on the balance amount will be deducted and balance will be paid.

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Post Maturity Interest
Payment will be made at POSB rate

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Special Features
 - Nomination facility available

 - May be transferred from one post office to another post office

 - Automatic credit of interest in POSA

 - SAS agency facility can be availed

 - 0.5% commission is payable to SAS agents

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