Ans: Yes, one can open a joint SCSS account with his/her spouse only and the maximum amount that can be invested in it is Rs. 15lakhs only.
Can a senior citizen open both SCSS and Pmvvy?
Both PMVVY and SCSS are applicable only to senior citizens with a minimum age limit of 60 years and over. So this is your guide to who can invest in SCSS and who can invest in PMVVY. Only, SCSS can also be acquired from those who have received VRS.
Who can open SCSS account?
Eligibility for 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.
Can a person invest in both SCSS and Pmvvy?
Under both SCSS and PMVVY you can invest up to a limit of Rs 15 lakh individually or jointly. Both the Senior Citizen Savings Scheme and PMVVY can be taken into consideration. Despite the low-interest rate, POMIS can be excluded.
Is SCSS account transferable?
Yes, an account be transferred from one deposit office to another. … Yes, the SCSS account can be extended for three years after the completion of five years. What happens if an account is opened in contravention of the SCSS Rules? In such a case, the account will be closed immediately and the money will be refunded.
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.
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|
How can I extend my SCSS account?
The tenure of this scheme is 5 years, therefore the deposits mature after 5 years from the date of account opening. However, the senior citizens with SCSS account have the option of exceeding the tenure for another 3 years. The extension can be made once within 1 year of maturity of the Senior Citizen Savings Scheme.
Can I get monthly interest on SCSS?
The interest rate on SCSS is currently 7.4% (as of Q1 FY 20-21). Assuming that you have deposited Rs. 15 lakh (the maximum amount permitted) in SCSS, the maturity value at the end of the 5-year tenure will be: 5 year investment= Rs.
Can SCSS be closed?
Premature withdrawal or closure of the SCSS account is permitted after completion of one year from the date of opening the account after deducting a penalty for early withdrawal or closure. The penalty varies from 1-1.5 per cent, depending on the completed tenure of the account.
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.
Is it safe to invest in Pmvvy?
However, if you can take some risk, invest only a portion of your savings in PMVVY and rest can be diversified among SCSS, POMIS or FDs across banks. PMVVY may not be the best investment option for senior citizens, it is at least a good option in the current scenario.
Which LIC policy is best for senior citizen?
Pradhan Mantri Bima Yojana
The eligibility criteria of the policy range from 18 years – 70 years and provide life coverage up to Rs 2 lakh. All the policies offered under Pradhan Mantri Bima Yojana cover the different spectrum of life coverage and secure the life of the senior citizen after retirement.
Can SCSS be closed prematurely?
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.
Can I invest every year in SCSS?
SCSS has a tenure of five years. However, one can extend their investment in the scheme for another three years. Also, the interest rate for the extended tenure would be at the prevailing rate. For the extension of the scheme tenure, the investor has to submit a form.
Is SCSS one time investment?
As per rules, one is supposed to invest retirement funds within one month of retiring. … SCSS is a popular investment option for those who are 60 years and above. SCSS is for a period of 5 years and more than one account may be opened, but the combined limit is capped at Rs 15 lakh.