An ideal scheme for senior citizens and for those who have retired either from service, to provide security in old age.
An individual who has attained the age of 60 year or above on the date of opening of an account or an individual who has attained the age of 55 years or more but less than 60 years and has retired under superannuation or otherwise.
A retired Personnel of Defence Services (Excluding Civilian Defence Employees), who has attained the age of 50 years can also subscribe to the scheme subject to fulfilment of other specified conditions.
A depositor may open an account individually or jointly with spouse.
The deposit in the account shall be in the multiples of 1000/- and not exceeding Rs. 15 lakh.
Interest shall be payable from the date of deposit to 31st march/ 30th June/ 30th September/ 31st December on 1st working day of April/July/October/January as the case may be, in the first instance and thereafter, interest shall be payable on 1st working day of April/July/October/January on quarterly basis.
Current Rate of Interest Payable.
The account can be closed after expiry of 5 year from the date of opening of account.
The depositor may extend the account for further period of 3 years.
Premature closure is permissible after expiry of one year from the date of opening account subject to certain conditions.
Deposits in SCSS qualify for deduction u/s 80-C of Income Tax Act.
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