INSUBCONTINENT EXCLUSIVE:
An individual can open the SCSS account either singly or jointly with the spouse, according to SBI's corporate website, sbi.co.in
A depositor can also operate more than one SCSS account
a government product, the interest on which is decided by the Ministry of Finance from time to time.1
Eligibility: An individual of 60 years and above can open an SCSS account with SBI
A person of 55 years or more but less than 60 years who has retired on superannuation can also open this account.2
Interest rates: The deposits made under SBI's SCSS fetches interest at the rate of 8.60 per cent per annum from the date of deposit
The amount is payable at the end of each calendar quarter i.e
March 31, June 30, September 30 and December 31
Compounding of interest is not permissible, according to the SBI website.3
Mode of deposit: The deposits can be made in cash, if the amount of deposit is less than Rs 1 lakh.4
Other facilities: SBI also offers nomination facility with the scheme
A depositor can nominate a person or more than one person, at the time of opening of the account or even after the opening of the account
Under SCSS, withdrawal is permitted is allowed after one year but one needs to pay a penalty, according to SBI.Get the latest election news,
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