Senior Citizen Savings Scheme Online Registration | Senior Citizen Savings Scheme Application Form | Senior Citizen Savings Scheme Interest Rates
The people in India who are planning their retirement can take into consideration the very prestigious senior citizen saving Scheme presented by the Government of India and this is one of the safest investment options for you if you are looking forward to retiring in your sixties. Given below, we will be sharing with all of you the specifications of the Senior Citizen Saving Scheme 2022. We will also share with all of our readers the specifications of the SCSS Eligibility, Benefits & Interest Rates. We are sharing most of the information related to the savings scheme given below.
Senior Citizen Savings Scheme 2022
The Senior Citizen Saving Scheme is specially available for people who have surpassed the age of 60 and want to get a monthly payment so that they can carry on their financial activities without having to rely upon anyone. You can take into consideration the senior citizen saving scheme presented by the Government Organisation of India at the interest rate of 7.4 % per annum currently. This interest rate is reviewed by the Ministry of Finance each and every quarter. The citizens will be able to apply for the senior citizen saving Scheme through the post office or by visiting the banks which are providing this scheme.
Features Of The Scheme
There are a lot of additional features of the Senior Citizen Saving Scheme and given below we are sharing all of them:-
- You can open the senior citizen saving account with the minimum amount of Rupees 10000 and the maximum amount should not exceed Rupees 15 lakh.
- The account can be opened by cash for the amount below Rupees 100000 and you will have to submit a check for the amount above than Rupees 100000.
- You can also open a savings account with your spouse and the total amount deposited in all such accounts shall not exceed Rupees 15 lakh.
- The tenure for this scheme is five years and it can be extended for three more years.
- You can also take into consideration the nomination facility available in this account.
- You can also transfer your senior citizen saving account into some other bank or some other post office with a minimal nominal fee.
- Premature withdrawal is also allowed under the senior citizen saving account after 1 year.
The applicant must follow the following eligibility criteria to apply for the senior citizen saving Scheme:-
- An individual who has attained the age of 60 years or above at the time of opening an SCSS account.
- Individuals who have attained the age of 55 years old, but are below the age of 60 years old and have retired on superannuation are eligible to open an SCSS account.
- Individuals who have attained the age of 55 years old and have retired before the implementation of the SCSS rules are eligible under the scheme.
- Under the SCSS, retired Defence Services personnel are eligible irrespective of their age. However, certain other specific conditions must be met by these individuals.
- Non-Resident Indians (NRIs) are not eligible to open an SCSS account.
- Hindu Undivided Families (HUF) are not eligible to open an SCSS account as well.
You can check out the interest rates available for the senior citizen saving scheme given below:-
|Financial Year||Rate of interest p.a. (%)|
|April to June (Q1 FY 2020-21)||7.4|
|Jan to March (Q4 FY 2019-20)||8.6|
|Oct to Dec 2019 (Q3 FY 2019-20)||8.6|
|Jul to Sep 2019 (Q2 FY 2019-20)||8.6|
|Apr to Jun 2019 (Q1 FY 2019-20)||8.7|
|Jan to March 2019 (Q4 FY 2018-19)||8.7|
|Oct to Dec 2018 (Q3 FY 2018-19)||8.7|
|Jul to Sep 2018 (Q2 FY 2018-19)||8.3|
|Apr to Jun 2018 (Q1 FY 2018-19)||8.3|
|Jan to March 2018 (Q4 FY 2017-18)||8.3|
|Oct to Dec 2017 (Q3 FY 2017-18)||8.3|
|Jul to Sep 2017 (Q2 FY 2017-18)||8.3|
|Apr to Jun 2017 (Q1 FY 2017-18)||8.4|
The following documents requires while applying for the senior citizen saving scheme:-
- Two passport-size photographs
- Form A must be completely filled and submitted.
- Identity proof such as a Passport or Permanent Account Number (PAN) Card must be submitted.
- Individuals must submit proof of address such as an Aadhaar Card or telephone bill.
- A document confirming the individual’s age must be submitted. Age proof documents can be the PAN Card, Voter ID, Birth Certificate, Senior Citizen Card, or Passport.
The following banks will be providing the senior citizen saving scheme to the residents:-
- ICICI Bank
- Vijaya Bank
- Union Bank of India
- UCO Bank
- Syndicate Bank
- Indian Bank
- Punjab National Bank
- IDBI Bank
- Indian Overseas Bank
- State Bank of India
- Dena Bank
- Central Bank of India
- Canara Bank
- Corporation Bank
- Bank of India
- BOB (Bank of Baroda)
- Bank of Maharashtra
- Andhra Bank
- Allahabad Bank
Premature closure of SCSS account permitted at any time after opening the account but with penalty as per the following rules:-
- If closed before the completion of 1 year, no interest payable, if paid already will be recovered.
- If closed between 1 year and 2 years of account opening, an amount equal to 1.5% of the deposit is deducted as a penalty.
- Closed on or after 2 years of account opening, an amount equal to 1% of the deposit is deducted as a penalty.
- In the event of the death of the depositor, the account closed without any charges. The deposit was refunded along with interest at the rate of SCSS till the date of demise.
How To Apply For Senior Citizen Savings Scheme 2022?
There is a very easy procedure which you need to follow in order to apply for the senior citizen saving account and given below we are sharing the same:-
- You will first have to visit your nearest post office and ask for the details related to the senior citizen saving scheme
- Need to ask for form a for the senior citizen saving Scheme from the concerned authorities present at the post office.
- You can also visit the bank in order to apply for this prestigious scheme.
- You need to fill out the application form.
- Enter all of the important details.
- Attach all of the important documents and successfully apply for this scheme.
FAQs For Senior Citizen Savings Scheme 2022
The maximum amount you can invest in the SCSS account is up to Rs.15 lakh.
The current interest rate applicable to SCSS is 7.4% p.a. This interest rate is applicable from 1 July 2021 until 30 September 2021.
You will have to visit your post office or the bank in which the senior citizen saving account is applicable to open your senior citizen account.
You can deposit Rupees 1000 as a minimum amount to be deposited in this account.
You can easily withdraw your money before the tenure is completed from the senior citizen saving scheme.