Saving Schemes

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Senior Citizen Savings Scheme

What Is Senior Citizen Saving Scheme?

Senior Citizen Saving Scheme(SCSS) is a government-backed scheme to help senior citizens plan for their retirement or have financial stability after they reach 60 years of age. 

Apart from serving as a regular stream of income for senior citizens, the scheme also provides tax benefits making it an effective scheme for long-term savings.  

What Is Senior Citizen Saving Scheme?

The Senior Citizen Saving Scheme (SCSS) is a government-sponsored retirement program. The SCSS allows senior citizens living in India to invest a lump sum and receive regular income along with tax benefits. 

Senior citizens can open an SCSS account in a Post Office branch or any authorized bank to get the benefits of it. 

How To Open A Senior Citizen Saving Scheme Account?

Which Banks Offer Senior Citizen Saving Scheme?

Senior citizens can open an SCSS account in the following banks -

Who Is Eligible To Invest In The Senior Citizen Saving Scheme?

Individuals who fulfill the following eligibility criteria can invest in SCSS -

However, Non-Resident Indians (NRIs) and Hindu Undivided Families (HUF) are not eligible to apply for SCSS.

What Are The Features & Benefits Of the Senior Citizen Saving Scheme?

Features Of Senior Citizen Saving Scheme

Benefits Of Senior Citizen Saving Scheme:

What Are The Disadvantages Of The Senior Citizen Saving Scheme?

While the scheme is highly beneficial to retirees, it also has a few drawbacks everyone must be aware of. The disadvantages of the Senior Citizen Saving Scheme are as follows:

To Know more about Similar Saving Schemes Articles Below:

Conclusion

Senior Citizen Saving Scheme is one of many schemes implemented by the government to make the life of retirees or senior citizens easier. 

It is reliable, secure, and offers various benefits to depositors. The application process for the Senior Citizen Saving Scheme is very simple and accessible as it can be done at a bank or the nearest post office. Additionally, understand the drawbacks of the scheme before you choose to invest in it.

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Senior Citizen Savings Scheme Related FAQs

Yes. Spouses can hold a joint account in SCSS. However, the amount in the account will be deposited to the first depositor or applicant.
No. As of now, the process to open an SCSS account is only available offline at the bank or the nearest post office.
The depositor can open multiple SCSS accounts as long as the amount in the accounts combined does not exceed the maximum limit.
Yes. Submit Form G and the required documents at the post office to transfer the account to a bank of your choosing.
You can close your SCSS account after one year. You will be charged 1.5%  of the savings and 1% if you close after 2 years.

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