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Senior Citizen Savings Scheme: How to Open, Benefits and other Details
Senior Citizen Savings Scheme: How to Open, Benefits and other DetailsLearn 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 DetailsThe 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 DetailsIndividuals 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 DetailsIn SCSS, the installment amount ranges between ₹1,000 and ₹15 lakhs.
Senior Citizen Savings Scheme: How to Open, Benefits and other DetailsOne 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 DetailsAdditional 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 DetailsThe 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 DetailsThe 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 DetailsEligible 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 DetailsVisit your nearest bank branch or post office, fill the application form and provide the relevant documents.