Senior Citizens Savings Scheme (SCSS) 2023 – Guaranteed Returns, Tax Savings, High Interest, Application Form

The Senior Citizens Savings Scheme (SCSS) was launched in 2004 as government sponsored savings scheme for senior citizens with the main aim of providing senior citizens in India a regular income after they attain the age of 60 years old. Senior citizens are effective savings options for the long term and offer attractive features and unmatched security. The Senior Citizens Savings Scheme aids senior adults in saving for retirement and offers guaranteed interest payments, which can be received quarterly.

How To Open An SCSS Account:

1. Visit the nearest post office or bank branch for open SCSS Account.
2. Submit the application form with the KYC documents.
3. Pay your first deposit and a cheque for the amount that is being deposited must be provided.
4. Individual can add nominees to the account.
5. Your SCSS Account will be created, once the payment has been processed.

Official Portal: Senior Citizens Savings Scheme (SCSS) 2023
Notification Page: Senior Citizens Savings Scheme (SCSS) 2023
Application Form: Senior Citizens Savings Scheme (SCSS) 2023

Senior Citizens Savings Scheme (SCSS) 2023 – Notification, Tax benefits, Guaranteed Maturity Benefits, Interest Rates, Apply Form Online

Senior Citizens Savings Scheme is a government scheme that provides retirement benefits and Senior Citizens who are live in India can take benefit of this scheme by making a lump-sum investment in the scheme either individually or collectively. In compared to savings and Fixed Deposit (FD) accounts the returns of the SCSS is high, currently the SCSS interest rate is 7.4% p.a. Interest is paid on the initial working day of April, July, October, and January quarterly but quarterly interest payments are available only at Core Banking enabled post offices.

 

The maturity period of the Senior Citizens Savings Scheme is five (5) years but individuals can extend the maturity duration for three (3) years by submitting an application in the required format within one (1) year of maturity of the account. The process to open an SCSS account is very easy and hassle-free and individuals can be transferred from a bank to a post office and a post office to a bank (vice versa). Premature withdrawal is allowed after one (1) year of opening the account but a 1.5% charge and a 1% charge of the total amount deposited will be charged in case of premature withdrawals after one (1) year and two (2) years, respectively.

Senior Citizens Savings Scheme (SCSS) 2023 Details – Eligibility, Required Documents, List Of Banks

• Eligibility:

1. Individuals are eligible to open an SCSS account who has attained the age of 60 years or above.
2. Individuals are eligible to open an SCSS account who have attained the age of 55 years old, but are below the age of 60 years old and have retired on superannuation.
3. Individuals are eligible under the scheme who have attained the age of 55 years old and have retired before the implementation of the SCSS rules.
4. Non-Resident Indians (NRIs) are not eligible for SCSS account.
5. Hindu Undivided Families (HUF) are not eligible for SCSS account.

• Documents For SCSS Account:

1. Passport-size photographs.
2. Identity proof like Passport or Permanent Account Number (PAN) Card.
3. Address proof such as Aadhaar Card or telephone bill.
4. Age proof document such as PAN Card, Voter ID, Birth Certificate, Senior Citizen Card, or Passport.

• List Of Banks That Offer SCSS Account:

1. ICICI Bank
2. Union Bank of India
3. UCO Bank
4. Indian Bank
5. Punjab National Ban
6. IDBI Bank
7. Indian Overseas Bank
8. State Bank of India
9. Dena Bank
10. Central Bank of India
11. Canara Bank
12. Corporation Ban
13. Bank of India
14. Bank of Baroda
15. Bank of Maharashtra

Senior Citizens Savings Scheme (SCSS) Tax benefits:

Under Section 80C of the Income Tax Act, 1961, individuals are eligible for tax deductions on investments up to Rs.1.5 lakh and in case the interest generated is more than Rs.10, 000 p.a., the tax will be deducted at source.

Key Features of SCSS Account:

• SCSS Interest Rate: Currently, the SCSS interest rate is 7.4% p.a.
• Maturity Of The Scheme: The maturity period of the Senior Citizens Savings Scheme is five (5) years but individuals can extend the maturity duration for three (3) years by submitting an application in the required format within one (1) year of maturity of the account.
• Nominations: Individuals can be added Nominee.
• Investment Amount: Maximum amount that you can deposited is Rs. 15 lakh and It can be in the multiples of Rs.1,000.
• Transfer Of An Account: Individuals can be transferred from a bank to a post office and a post office to a bank.
• Premature Withdrawal: Premature withdrawal is allowed after one (1) year of opening the account.

Senior Citizens Savings Scheme (SCSS) Vs Other Small Savings Schemes:

1. Sukanya Samriddhi Yojana (SSY).
2. Mahila Samman Savings Certificate (MSSC).
3. Public Provident Fund (PPF).
4. National Savings Certificate (NSC)

Senior Citizens Savings Scheme Come Under Section 80C of the Income Tax Act, 1961, individuals are eligible for tax deductions on investments up to Rs.1.5 lakh and in case the interest generated is more than Rs.10, 000 p.a., the tax will be deducted at source. If you are thinking for a safe and secure long term investment then Senior Citizens Savings Scheme (SCSS) is a one of the best option for you, you can blindly deposit your money in this scheme because it is a government Risk-Free Investment scheme including guaranteed interest payments.