Senior Citizen Savings Scheme
Indian government has released a scheme known as SCSS Yojana.
In our society senior citizens are given the self-importance of place.
These respected persons have given a lifetime working, creating life for the ease of the generations that are to follow them. Since the society is ignoring the old person of the society therefore Senior Citizen Savings Scheme is brought up into action by government so that suitable and eligible candidates may get the advantage of this scheme to live the better life by managing their money in such a way that feet may be add to the invested amount effectively.
These respected persons have given a lifetime working, creating life for the ease of the generations that are to follow them. Since the society is ignoring the old person of the society therefore Senior Citizen Savings Scheme is brought up into action by government so that suitable and eligible candidates may get the advantage of this scheme to live the better life by managing their money in such a way that feet may be add to the invested amount effectively.
SCSS is designated for such applicants who have reached to
the age of 60 and more. Typical Senior Citizen Saving Scheme (SCSS) account
extends up to 5 years and upon maturity can be afterward extended for an
additional 3 years. Depositor is allowed to make one deposit into this account,
an amount that is a multiple of Rs. 1,000 and not extend beyond Rs.15 lakhs. Candidates
are suggested to go through the certified banks as well as the network post
offices spread across India to get the benefit the of SCSS Yojana. More details
are given below for this scheme.
Latest Interest Rates for Senior Citizen Saving Schemes
Investment Option
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Rate of Interest for Quarter 1 : Apr'17 to Jun'17
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Senior Citizen Savings Scheme (SCSS)
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8.40%
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Benefits of Senior Citizen Saving Schemes:
Easily Available
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Fill impel application form at your local bank or post office and you
are set.
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Reliability
|
This is a Government of India sponsored investment product and
comes with all the security and assurance associated with that tag.
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Multiple Accounts
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A single applicant can open multiple SCSS accounts, moreover
individually or with a joint investor (must be the spouse of the primary
investor).
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High Returns
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At 8.6% per annum, the returns on your SCSS accounts are very
impressive.
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Flexible Tenure
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The account has tenure of 5 years but can be extended to add
another 3 years. Thus, your senior citizen saving scheme serves as either a
medium range investment or a long term plan.
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Save Tax
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As per the order of Section 80C, Income Tax Act, 1961, the TDS
can be saved.
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Choose Your Investment
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Only one investment is permitted per SCSS account. This amount
must be a multiple of Rs.1000 and not exceed Rs.15 lakhs. Thus, the SCSS
investment is vastly affordable and scalable.
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Premature Termination
|
In extreme financial duress, your SCSS account can be closed
and the money accessed. However, after 1 year, a penalty of 1.5% of the funds
in the SCSS account will be deducted while the same is 1% after the
completion of 2 years.
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Minimum Documentation- KYC documents that prove your age
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Documents that can be submitted to substantiate this are-
Passport/ Birth Certificate/ Voter’s ID/ Senior Citizen Card/ PAN, etc.
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Eligibility
Criteria for Senior Citizens Saving Schemes in India: Applicant must be
Aged 60 years or above.
- Must be aged 55 years or above, but less than 60 years, provided he/she has retired from his/her employment as per VRS/superannuation and must open said SCSS account within one month of the receipt of retirement benefits.
- Invested amount must not exceed the amount of the retirement benefits.
- In case of a joint account, the eligibility is decided per the aforementioned age requirements of the primary depositor.
- No age restrictions/requirements imposed on the second applicant.
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Senior Citizen
Saving Schemes Interest Rates: A lucrative, savings oriented investment
option, the senior citizen saving schemes interest rate is set at 8.6% per
annum. Instead of parking their savings in the low yield savings
bank accounts or risky propositions like mutual funds, the senior citizen
saving schemes offer the Indian senior population the option to invest in a
safe, high yielding and popular savings portfolio.
Senior Citizen
Saving Scheme Rules:
A prepared approach is vital for success and peace of mind.
When looking to enrol with the senior citizen saving scheme, ensure that you
are well aware of the following conditions-
- You must be 60 years or above to enrol.
- Only one deposit is permitted per SCSS account.
- Deposit must be in multiples of Rs.1,000 with a maximum permissible investment of Rs.15 lakhs.
- Interest on the money accumulated in the SCSS account is payable on 31st March/30th September/31st December in the first instance.
- Maximum tenure is 5 years. Tenure can be extended for a further 3 years
- Account can be easily and quickly transferred from one bank/post office onto another.
- SCSS provides nomination facility that can be availed at the time of opening the account or after said account has been in operation for a set duration of time.
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Senior Citizen
Saving Schemes Calculator:
- Interest rate on SCSS deposit= 8.6% per annum
- Interest rate per quarter= 8.6%/4 quarters = 2.175%
- Interest accumulated for every Rs.100 = Rs .2.175
- Interest accumulated for every Rs.1 = (2.175/100)= 0.02175
Senior Citizen
Saving Schemes Offered by Different Banks: As of 2004, 20 public sector
and one private sector bank are authorized to offer the SCSS option. The
following is the comprehensive list of said banks:
Public Sector Banks,
- Allahabad Bank
- Andhra bank
- State Bank of India
- Bank of Maharashtra
- Bank of Baroda
- Bank of India
- Corporation Bank
- Canara Bank
- Central Bank of India
- Dena Bank
- Syndicate Bank
- UCO Bank
- Union Bank of India
- Vijaya Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- Punjab National Bank
- United Bank of India
Senior Citizen
Saving Scheme: As of First October Two Thousands Sixteen, the interest rates for senior citizen
saving scheme has been revised to 8.5%. payable from the date of deposit of
31st March/30th Sept/31st December in the first instance thereafter, interest
shall be payable on 31st March, 30th June, 30th Sept and 31st December.
- Interest rate on SCSS deposit=8.5% per annum
- Interest rate per quarter= 8.5%/4 = 2.125
- Interest accumulated for every Rs.100=Rs.2.125
- Interest accumulated for every Rs.1 = (2.125/100)= 0.02125
- A depositor for the senior citizen saving scheme is allowed only one deposit of multiples of Rs.1000 not exceeding Rs.15 lakh
- An account be opened by cash if it below Rs.1 lakh, anything above Rs.1 lakh - the account can be opened only by cheque
- A premature closure of the savings account is permitted only after a year, whereby the account holder will be charged 1.5% of the savings and 1% after two years.
Reminder:
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