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| SENIOR CITIZEN SAVINGS SCHEME(SCSS) |
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 Name of the Scheme |
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SENIOR CITIZEN SAVINGS SCHEME
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Tenure of the Scheme |
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5 years which can be extended by 3 more years
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Rate of interest |
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7.4% per annum with effective from 01-04-2020 till 30-06-2020 - (as prescribed in the Official Gazette published by the GOI on a quarterly basis). | |
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Frequency of computing interest |
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Quarterly and paid
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Taxability |
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Interest is fully taxable
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Whether TDS is applicable |
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Yes, Tax will be deducted at source
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Investment to be in multiples of |
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Rs. 1000/-
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Maximum investment limit |
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Rs. 15 lakh
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Minimum eligible age for investment |
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60 years (55 years for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible to invest on attaining the age of fifty years subject to the fulfillment of other specified conditions.
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Premature withdrawal facility |
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Available but with penalty
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Transferability feature |
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Not transferable to others
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Tradability |
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Not tradable
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Nomination facility |
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Nomination facility is available
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Modes of holding |
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Accounts can be held both in single or joint holding modes. Joint holding is allowed but only with spouse
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Application forms available with |
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At all 418 designated branches of our Bank and Bank’s website.
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Applicability to NRI, PIO and HUFs |
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Non resident Indians, Persons of Indian Origin and Hindu Undivided Family are not eligible to open an account under the scheme.
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Transfer from one deposit office to another |
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Transfer of account from one deposit office to another in case of change of residence is permitted
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