Senior Citizens Saving Scheme

Senior Citizens Saving Scheme, or SCSS, is a government-backed savings retirement benefits program for seniors over the age of 60. Individuals between 55 and 60 years old who have chosen Voluntary Retirement Scheme may also invest in SCSS. Senior citizens can make a minimum of Rs 1000 and invest up to Rs 15 Lakh in Senior Citizen Savings Scheme.

The Senior Citizen Savings Scheme

• An account must be opened with a minimum deposit equal to one thousand rupees.
• After the five-year maturity period, the depositor can extend the account for an additional three years.
• These rules stipulate that deposits made in accordance with these rules will bear interest at the rate set by Govt of India, which is usually quarterly. It is currently 7.40% per year, effective 01.04.2020.
• An account holder who does not claim the quarterly interest will not be entitled to any additional interest.
• The entire amount of deposit in a joint bank account must be credited to the account holder who made it.
• Both spouses can open a single account or joint accounts.
• The depositor can nominate one or more people.
• The depositor may cancel or modify any nominated funds.
• The account deposit must be paid within five years of its opening or eight years if the account has been extended beyond that date.
• Multiple withdrawals from a single account are not allowed.
• Premature payment Permitted after account opening, but subject to penalty
• TDS is deducted from Interest when it exceeds INR 50000

Eligibility

• A person can open an account either in their own capacity or with a spouse.
• These rules do not apply to NRI's and Hindu Undivided Families.
• A person who is 60 years old or older.
• Who has reached the age of 55 or more, but less than 60 and has retired from superannuation or other means on the date they opened an account.
• Retired personnel from the Defence Services reach fifty years old.

Documents Requirement For SCSS

Investors will need to submit a copy with self-attestation of the following documents.
• Identification Proof: Passport, Aadhar, PAN card etc.
• Address proof: Phone bill, Aadhar card or PAN card.
• You must have a passport, senior citizen card, a birth certificate issued by the Corporation, Registrar of Births and Deaths or Voter ID card, etc. to prove your age.
• Photographs of passport size.

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KYC Required to Invest in Investment schemes
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NOTE: As this is a Govt. of India scheme, customers are advised to visit National Savings Institute website www.nsiindia.gov.in for latest instructions/ modification in the scheme.