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.
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 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.
Where can I open a SCSS account?
The Senior Citizens’ Savings Scheme (SCSS) is a government scheme, which allows senior citizens to save retirement funds and earn quarterly interest payouts from the deposit. This account can be opened at any bank or post offi ce and has a maturity period of 5 years which may be extended up to 8 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.
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 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.
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 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.
Is SCSS safe?
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.
Is SCSS or Pmvvy better?
For PMVVY investors, no tax benefits are eligible. But tax benefit under Section 80C is available for the contribution made to SCSS. Interest income earned from both PMVVY and SCSS is fully taxable according to the tax slabs of the senior citizen and under the category of ‘Income from Other Sources’.
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.
Which bank is best for senior citizens?
Best FD Rates for Senior Citizens 2021
|Bank||Senior Citizen FD Rates|
|ICICI Home Finance||4.55% – 6.70%|
|SBI||3.40% – 6.20%|
|IDFC First Bank||3.25% – 6.50%|
|Axis Bank||2.50% – 6.05%|
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|
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.