INSUBCONTINENT EXCLUSIVE:
Senior Citizen Savings Scheme (SCSS), meant for people above the age of 60, offers an interest rate
of 8.6 per cent per annum
An individual can open senior citizen savings account with post offices or commercial banks such as State Bank of India (SBI)
A depositor can operate more than one SCSS account, subject to the condition that deposits in all accounts taken together do not exceed the
maximum limit of Rs 15 lakh and provided that deposits are restricted to the retirement benefits or Rs 15 lakh whichever is lower, according
to SBI's website- sbi.co.in
Given below are key things to know about SBI Senior Citizen Savings Scheme (SCSS):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.The retired personnel of defence services (excluding civilian defence employees) irrespective of the age limits can open SCSS
In case of a joint account, age of first applicant/depositor is the only factor to decide the eligibility to invest under the scheme
There is no age bar/limit for the second applicant/joint holder.The whole amount of investment in an account under SCSS scheme is attributed
1,000 where the maximum amount must not exceed Rs 15 lakh.The deposits can be made in cash, if the amount of deposit is less than Rs 1
lakh.On an application, the depositor is permitted to withdraw the deposit and close the senior citizen savings account at any time after
the expiry of one year.If the account is closed before the expiry of two, an amount equal to one and half per cent of the deposit is
deducted and the balance is paid to the depositor.In case the account is closed on or after the expiry of two years, an amount equal to one
per cent of the deposit is deducted and balance is paid to the depositor.Get Breaking news, live coverage, and Latest News from India and
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