Lok Sabha Question No. 4761 (UNSTARRED), answered on 2019-07-22
Subject: Senior Citizens Savings Schemes
Ministry: FINANCE
Asked by: Mohanbhai Kalyanji Kundariya, Ganesan Selvam

## GOVERNMENT  OF INDIA MINISTRY  OF FINANCE DEPARTMENT  OF FINANCIAL  SERVICES

## LOK SABHA UNSTARRED QUESTION NO. 4761

TO BE ANSWERED  ON THE 22 ND  JULY  2019/ ASHADHA  31, 1941 (SAKA)

## Senior Citizens  Savings Schemes

4761.  SHRI MOHANBHAI  KALYANJI  KUNDARIYA:

Will  the Minister  of FINANCE  be pleased to state:

SHRI  SELVAM.  G.:

- (a) the details  of the schemes functioning  by  banks  under senior  citizens  savings schemes and the number  of accounts  which  are operative  till  date,  bank-wise;
- (b) the number  of senior  citizens  who  have got benefited  out of this  scheme;
- (c) the details  of investment  limit,  rate  of interest  and the process of assessment of income tax regarding  the said schemes;
- (d) whether  the Government  is formulating  a new  policy  for the said schemes and if so, the details  thereof;  and
- (e) the other  steps taken  by  the Government  to make  these schemes attractive  and useful for senior  citizens?

## ANSWER

## THE MINISTER  OF STATE  FOR  FINANCE (SHRI ANURAG  SINGH THAKUR)

- (a) and (b): The Department  of Economic  Affairs  (DEA) has informed  that  Senior  Citizens Savings Scheme,  2004 is being operated  through  agency  banks  and post offices. As per data reported  by  Public  Sector  Banks,  bank-wise  details  of operative  accounts  and unique  senior citizen  depositors  under this  scheme,  as on 30.6.2019,  are at Annex.

(d): No, sir.

- (c): As per inputs  received  from  DEA, under  the said scheme there  is a minimum  investment limit  of Rs. 1,000 and a maximum  limit  of Rs. 15 lakh,  and the rate of interest  for the July  to September  quarter  2019 is 8.6%. Further,  under  the provisions  of section  80C of the Income Tax Act,  1961, deposits  made in the scheme are exempt  from  income  tax.
- (e): As per inputs  received  from  DEA, in order  to make  the scheme attractive  and useful for senior  citizens,  the rate  of interest  on the scheme is fixed by  adding  100 basis points  to the market  interest  rates as determined  by  yield  on Government  securities.

Annex

Details of operative  accounts and unique depositors under  Senior  Citizens Savings Scheme, 2004 in  Public Sector Banks,  as on 30.6.2019

*****

Lok Sabha Unstarred  Question  no. 4761  for  answer on 22.7.2019,  regarding 'Senior Citizens  Savings Schemes'

| S. No.   | Bank                    | Numberof operative accounts   | Numberofunique depositors (senior citizens)   |
|----------|-------------------------|-------------------------------|-----------------------------------------------|
| 1        | Allahabad Bank          | 29,346                        | 20,759                                        |
| 2        | AndhraBank              | 9,875                         | 9,875                                         |
| 3        | Bank ofBaroda           | 1,35,651                      | 1,35,651                                      |
| 4        | Bank ofIndia            | 67,065                        | 65,727                                        |
| 5        | Bank ofMaharashtra      | 24,517                        | 12,743                                        |
| 6        | CanaraBank              | 42,696                        | 42,696                                        |
| 7        | CentralBankof India     | 50,788                        | 32,693                                        |
| 8        | Corporation Bank        | 7,824                         | 5,711                                         |
| 9        | IndianBank              | 16,112                        | 12,800                                        |
| 10       | IndianOverseasBank      | 27,166                        | 15,898                                        |
| 11       | OrientalBankof Commerce | 10,186                        | 7,331                                         |
| 12       | PunjabNationalBank      | 83,699                        | 57,311                                        |
| 13       | Punjaband SindBank      | 3,253                         | 2,337                                         |
| 14       | SyndicateBank           | 7,398                         | 7,398                                         |
| 15       | UCOBank                 | 24,090                        | 19,095                                        |
| 16       | UnionBankof India       | 72,383                        | 72,383                                        |
| 17       | UnitedBank ofIndia      | 68,408                        | 36,380                                        |
| 18       | StateBank ofIndia       | 7,47,063                      | 4,60,324                                      |
|          | Total                   | 14,27,520                     | 10,17,112                                     |

Source: Banks