Question: What will I get under Senior Citizens Saving Scheme?

Answer: Benefits under Senior Citizens Saving Scheme:

.)ExclusionsHindu Undivided Family (HUFs) and Non-resident Indians (NRIs) are not eligible to invest in Senior Citizen
Savings Scheme.Application ProcessOfflineOnlineVisit your nearest bank branch or post office and collect the application form.Submit
the duly filled-up form along with the self-attested copies of the required documents.Documents RequiredKYC Documents: Aadhaar
Card, Voter ID Card, PAN Card, PassportUtility Bills: Telephone bill, Electricity billSenior Citizen Card or Birth Certificate (Case
Specific)2 passport-size photographsFrequently Asked QuestionsHow Can I Open A Senior Citizen Savings Schemes Account Online?
Online application facility is not available for SCSS. In order to open a SCSS account, the customer must visit the post office or bank
branch and fill up the related form. The same form should be attached with KYC documents, age proof, ID proof, Address proof and
cheque for deposit amount.Is 80C Applicable On Senior Citizen Savings Schemes?Yes, investments made in SCSS are eligible for
income tax deduction benefits under the Section 80C of Income Tax Act, 1961.Can I Open A Senior Citizen Saving Account With SBI
Bank?Yes, any eligible candidate can open a senior citizen savings account with banks such as the State Bank of India. However,
according to SBIâ€™s guidelines, a depositor can hold two or more SCSS accounts only if the deposits in all accounts taken together do
not exceed Rs.15 lakh.What Is The Maximum Age Of Senior Citizen Saving Account Opening?Any individual, above the age of 60, can
open Senior citizen savings account accompanied by all the required documents.What Is The Eligibility Criteria Of Joint Senior Citizen
Saving Account?While opening a joint SCSS account, the age of first depositor is supposed to be above 60 years. However, there is no
age limit for the second applicant. The joint account can be opened only with the spouse. However, the entire amount in a joint account
will be attributable only to the first account holder.Can Both The Spouses Open Separate Accounts?Yes, individual accounts can be
opened as well, provided the deposit limit is a maximum of Rs.15 lakh. Of course, it has to adhere to the rules of the scheme.Is There
Any Income Tax Rebate / Exemption?Yes, tax deduction of up to Rs.1.5 lakh can be claimed under Section 80C of the Indian Tax Act,
1961.Is TDS Applicable To The Scheme?Yes if the interest exceeds Rs.10,000 per annum, TDS is applicable. In this scheme, interest
payments are no exemption to deduction of tax at source.Any Minimum Limit Has Been Prescribed For Deduction Of Tax At Source?As
per government regulations, tax has to be deducted at source as per the minimum balance.Can A Person Holding A Power Of Attorney
Sign For The Nominee In The Nomination Form?No, a person holding a Power of Attorney cannot place for the nominee in the
nomination form.In Case Of A Joint Account, If The First Holder / Depositor Expires Before Maturity, Can The Account Be Continued?
Yes, the nominee can hold the account of the expired depositor in case of a death, provided it pertains to the SCSS Rules.Is There Any
Fee Prescribed For Nomination And / Or Change / Cancellation Of Nomination?No fee is charged.Can An Account Holder Obtain Loan
By Pledging The Deposit / Account Under The SCSS, 2004?Periodic withdrawals for loans are not possible in this scheme as it defies
the very nature of the scheme.Sources And ReferencesGuidelinesGuidelinesOkWas this helpful?News and UpdatesNo new news and
updates availableShareYou need to before applying for schemesCancelIt seems you have already initiated your application earlier.To know more please visit
CancelApply NowMinistry Of FinanceSenior Citizens Saving SchemeBankingFinanceSenior
CitizenDetailsBenefitsEligibilityExclusionsApplication ProcessDocuments RequiredFrequently Asked QuestionsThe Senior
Citizensâ€™ Saving Scheme is a retirement benefit program by the Government of India. Individuals over 60 years can opt for the SCSS
scheme by investing by making an individual or joint investment. In addition, this scheme provides tax benefits. In SCSS, the installment
amount ranges between â‚¹1,000 and â‚¹15 lakhs. This amount is constricted to the retirement benefits. One must deposit it in the Senior
Citizen Scheme account within a month from receiving retirement benefits from his/her employer. Moreover, if individual deposits more
than the given amount, the additional funds get refunded to the account holder. One can extend the scheme for 3 more years from its
date of maturity. The Interest Rate is 7.40% per annum (Q2 FY 2022-23). The Tenure is 5 years (with an option to extend it for 3 more
years). The Minimum Investment Amount is â‚¹1,000. The Maximum Investment Amount â‚¹15,00,000 or the amount received on
retirement, whichever is lower.OkWas this helpful?ShareNews and UpdatesNo new news and updates availableÂ©2024Powered
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24303714Last Updated On : 28/03/2024 | v-2.1.1