Senior Citizen Savings Scheme: How to Open, Benefits and other Details
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Senior Citizen Savings Scheme: How to Open, Benefits and other Details | Learn how to open the Senior Citizen Savings Scheme (SCSS), its benefits, and other details. Discover everything you need to know about this investment option.
Senior Citizen Savings Scheme: How to Open, Benefits and other Details | The Senior Citizens’ Saving Scheme (SCSS) is a retirement benefit program by the Govt of India.
Senior Citizen Savings Scheme: How to Open, Benefits and other Details | Individuals over 60 years can opt for the SCSS scheme by making an individual or joint investment.
Senior Citizen Savings Scheme: How to Open, Benefits and other Details | In SCSS, the installment amount ranges between ₹1,000 and ₹15 lakhs.
Senior Citizen Savings Scheme: How to Open, Benefits and other Details | One must deposit it in the SCSS account within a month from receiving retirement benefits from his/her employer.
Senior Citizen Savings Scheme: How to Open, Benefits and other Details | Additional funds from individual deposits in excess of the given amount get refunded to the account holder.
Senior Citizen Savings Scheme: How to Open, Benefits and other Details | 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).
Senior Citizen Savings Scheme: How to Open, Benefits and other Details | The min. Investment Amount is ₹1,000 and the max. amount is ₹15,00,000 or the amount received on retirement, whichever is lower.
Senior Citizen Savings Scheme: How to Open, Benefits and other Details | Eligible retirees include citizens above 60 years of age, retirees opting for VRS, and retired defense personnel (age 50-60).
Senior Citizen Savings Scheme: How to Open, Benefits and other Details | Visit your nearest bank branch or post office, fill the application form and provide the relevant documents.