How can I transfer my SCSS to another bank?

Can SCSS account be transferred?

Yes, an account be transferred from one deposit office to another. Can an SCSS account be extended? Yes, the SCSS account can be extended for three years after the completion of five years. … In such a case, the account will be closed immediately and the money will be refunded.

Can I open SCSS account in different banks?

Apart from the post offices across India, SCSS account is available at various public/private sector banks as well. Having an SCSS account with authorised banks has its own set of perks: The accumulated interests can be directly credited to the savings account of the Senior Citizen Saving Scheme account holder.

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.

Can I withdraw money from SCSS?

The amount invested in the scheme also cannot exceed the money one receives on retirement. One can hold more than one account under the scheme. However, the sum of deposits across all SCSS accounts shall not exceed the maximum threshold. … 1% of deposit is deducted if the withdrawal occurs between 2 to 5 years.

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Can a senior citizen invest in 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.

Is SCSS interest rate fixed?

Fixed income

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 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.

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.

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
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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.

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%

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.

Can 15H be submitted in SCSS?

I have also FDRs of Rs 10L and bank will deduct TDS on this.My tax liabilities are met out on SCSS deductions itself then can I submit my 15 H with my bank or not ? thanking you. Interest on bank fixed deposit is taxable income. By giving a Form 15H, it does not become exempt.

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.

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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.

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