An individual can open multiple Senior Citizen Savings Scheme (SCSS) accounts either individually or as a joint investor. In case of the latter, the other investor must be the spouse of the primary investor, and should also be a senior citizen.
Can I open multiple SCSS account in different banks?
Multiple Accounts- An individual can open multiple Senior Citizen Savings Scheme accounts, individually or as a joint investor. The other investor must be the spouse of the primary investor. … Flexible Duration-The The SCSS account comes with a time period of five years but it can be extended up to 3 more years.
Which bank is best for SCSS?
List of Banks which Offer SCSS Accounts
- United Bank of India.
- Corporation Bank.
- Canara Bank.
- Dena Bank.
- Syndicate Bank.
- Central Bank of India.
- UCO Bank.
- Union Bank of India.
How can I transfer my SCSS to another bank?
Transferable. An account holder has the options to make a transfer of this SCSS scheme to a different bank account or a post office of their preference. A transfer form needs to be submitted for the same. The fee for this feature is negligible.
Can I open SCSS account in HDFC Bank?
With HDFC Bank InstaAccount open a Savings Account instantly in a few simple steps. It comes pre-enabled with HDFC Bank NetBanking & MobileBanking and you can enjoy Cardless Cash withdrawals.
Can any senior citizen open SCSS?
The scheme is available to any resident individual aged 60 years and above. Also, individuals who have attained 55 years but are less than sixty years old are also eligible to apply for the senior citizens savings scheme provided they have retired under applicable superannuation or VRS rules.
Can we break SCSS?
Is premature withdrawal of the deposits from the accounts under the SCSS, 2004 permitted? Yes, premature withdrawals are allowed, although 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.
How safe is SCSS?
SCSS is one of the most secure investment options for senior citizens. As the Government backs the scheme, the security it offers is very good. … The amount invested in the SCSS account is eligible for a tax deduction. One can claim a maximum of up to INR 1,50,000 under Section 80C of the Income Tax Act.
Which bank gives highest interest rate for senior citizens?
Bank FD Interest Rates in India – Regular & Senior Citizen Rates
|Bank||FD Interest Rate for General Citizens||Senior Citizen FD Interest Rates|
|SBI||2.90% – 5.40%||3.40% – 6.20%|
|ICICI Bank||2.50% – 5.50%||3.00% – 6.30%|
|HDFC Bank||2.50% – 5.50%||3.00% – 6.25%|
|Axis Bank||2.50% – 5.50%||2.50% – 6.05%|
Which bank is best for senior citizens?
Senior Citizen FD Interest Rates by Top Commercial Banks, 2021
- 1 year.
- 3 years.
- 5 years. RBL Bank. 7.00% 6.75% 6.25% DCB Bank. 6.55% 7.25% 7.25% YES Bank. 6.75% 7.50% 7.50% Bandhan Bank. 6.50% 6.40% 6.25% Axis Bank. 5.65% 5.90% 6.00% IDFC First Bank. 5.75% 5.75% 5.75% IndusInd Bank. 7.00% 7.00% 7.00% Federal Bank. 5.60% 5.85%
18 февр. 2021 г.
Who can be nominee in SCSS?
The following people/groups are eligible to opt for SCSS: Senior citizens of India aged 60 years or above. Retirees who have opted for the Voluntary Retirement Scheme (VRS) or Superannuation in the age bracket 55-60. Here the investment has to be done within a month of receiving the retirement benefits.
Is SCSS interest rate fixed?
The interest rate declared during the time of investment remains fixed throughout the maturity tenure and is not affected by alterations in a later quarter. For instance, Mr. Sunil deposited Rs. 2 Lakh in SCSS on 11th January 2018.
Can a housewife invest in SCSS?
A senior citizen can invest up to Rs 15 lakh in an SCSS account. This account can be held jointly with one’s spouse. As the entire investment in an SCSS account is attributable to the first holder, a jointly held account does not deter the person’s spouse from opening an SCSS account.
What is the current interest rate of SCSS?
For the first quarter of the financial year 2020-2021, the rate of interest applicable on SCSS is 7.4% p.a.
Senior Citizens Savings Scheme (SCSS) Interest Rates.
|Time Period||SCSS Interest Rates|
|1st Jan to 31st March 2020||8.6% p.a|
|1st Oct to 31st Dec 2019||8.6%p.a|
What are best savings options for senior citizens?
Here are some of the best investment options for senior citizens and pensioners: Recurring Deposits and Fixed Deposits Fixed deposits (FD) and recurring deposits (RD) are one of the most common types of investments made by retired individuals. Banks also offer a comparatively higher rate on FDs and RDs for pensioners.
Can I open SCSS account in Icici Bank?
Documents Required ICICI Bank Senior Citizen Saving Account
A retired depositor who is 55 years old but below 60 years of age can open an SCSS account within 1 month of receiving the retirement benefits along with proof that these benefits have been disbursed.