Senior Citizen Savings Scheme – Updated 2019

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The Senior Citizen Savings Scheme (SCSS) 2019 will substitute the SCSS 2014  is an excellent possibility for retired individuals. The SCSS provides a fantastic charge of go back and hobby is paid quarterly. This makes it an ideal product for senior voters on the lookout for periodic want of price range.

Senior Citizen Savings Scheme SCSS 2019, is run underneath small financial savings division underneath the Ministry of Finance.

The funding is restricted to Rs.15 Lakhs in step with individual.senior citizen savings scheme updated 2019 - Senior Citizen Savings Scheme – Updated 2019

The deposit is particular to 15 Lakhs or to the level of Retirement Benefits.

The minimal funding is Rs 1000/-.

Who Can Open Senior Citizen Savings Scheme?

All Resident Indian can practice for this scheme. NRIs, Corporate, Minors can not practice.

The  account could also be opened via individual

  1. Who has attained age of 60 years or above at the date of opening of the account.
  2. Who has attained the age 55 years or extra however not up to 60 years and has retired underneath a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme at the date of opening of the account inside one months from the date of retirement.
  3. No age prohibit for the retired group of workers of Defence Services equipped they satisfy different specified stipulations.

The present Rate of hobby is eight.6% in step with annum. (Dec 2019)

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Multiple accounts could also be opened with other adulthood.

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The account could also be opened in a person capability or collectively with partner.

The account additionally has nomination facility.

Senior Citizen Savings Scheme Withdrawal

No withdrawal can be authorized ahead of the expiry of a duration of 5 years from the date of opening of the account. The depositor would possibly lengthen the account for an extra duration of three years.

Premature closure allowed after 3 years.

In case of dying of the depositor ahead of adulthood, the account can be closed and deposit refunded with none deduction together with hobby.

Senior Citizen Savings Scheme Interest Payment

Interest from the date of deposit on quarterly foundation. Interest can also be mechanically credited to financial savings account equipped each the accounts stand in the similar submit place of work.

The hobby will probably be payable first from the date or deposit to 31st March /30th June/30 September at the first operating day of April /July/October/January, because the case could also be, within the first example.

Then hobby will probably be payable at the first operating day of April/ July/October/ January because the case could also be.

If the account is prolonged after adulthood, it is going to earn hobby at  the speed acceptable to the scheme at the date of adulthood. If the account isn't prolonged on adulthood, the deposits will earn hobby acceptable to the Post place of work Savings Account.

The hobby for any duration not up to 1 / 4 (as specified within the scheme) will probably be calculated as Number of days within the duration x Interest for the quarter/general selection of days within the quarter.

The hobby can also be claimed at the due date, or on any date after the due date.

If the hobby payable each quarter isn't claimed via the account holder, it is going to no longer earn any hobby

Senior Citizen Savings Scheme SCSS 2019 Tax Benefit

The funding underneath this scheme qualifies for the good thing about Section 80C (Rs 1.five lakh prohibit) of the Income Tax Act, 1961.

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The hobby gained will probably be subjected to tax at acceptable charges.

Hope our Senior Citizens will make very best use of this scheme.

We are glad to assist. Send us your query via e-mail or feedback segment under.


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