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Govt. Saving Schemes
Senior Citizen Saving Scheme
Features
 
 
 

SENIOR CITIZEN SAVING SCHEME

 

Government of India has introduced the Senior Citizens Savings Scheme, 2004 (SCSS) with effect from 1st November 2004

 

Salient Features of the Scheme

Tenure of the Scheme

5 years, which can be extended by 3 more years

 

Rate of interest

As per Government notification

http://www.unionbankofindia.co.in/Government_Saving_Scheme.aspx

 

Frequency of Computing interest

Quarterly

 

Tax aspects

Interest is fully taxable

 

Investment to be in multiples of

Rs.1000/-

 

Maximum investment limit

Rs.15 lakh

 

Minimum eligible age

60 years (55 years for those who have retired under a voluntary or a special voluntary scheme provided investment is made within 1 month of date of receipt of retirement benefits), for retired personnel of Defense Services (excluding Civilian Defense Employees) - no age limit.

 

Facility of premature withdrawals

Available after1 year of holding but with penalty

 

Transferability feature

Not available

 

Nomination Facility

Available

 

Mode of Holding

Generally single, Joint mode is permitted but only spouses will be allowed to open accounts jointly with beneficiaries.

 

Availability of applications forms

Forms will also be available with our authorized branches.

 

Account under the scheme can be opened at any of the 1227 authorized branches

Please click here

 

In case of difficulty, contact our Customer Care at: 1800-22-22-44

I am a defense pensioner dependent on your sector 29, NOIDA branch drawing pension for more than 12 years.
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