Senior Citizen Savings Scheme is a savings scheme run by the Government of India for senior citizens aged 60 years or above.
Eligibility
- Senior citizens aged 60 years and above are eligible for this scheme. The scheme is also applicable to retired individuals above 55 years of age under voluntary or special voluntary scheme and 50 years for the retired personnel of defence services (excluding civil defence employees).
Rate of interest
- Account holders can earn interest at the rate of 8.2% on their deposits. The interest is payable on a quarterly basis and is fully taxable.
Minimum and maximum deposit limit
- The account shall be opened with a minimum deposit of Rs. 1,000 or any sum in multiples of Rs. 1,000 not exceeding Rs. 30,00,000.
Tenure
- The tenure of the deposit is 5 years and can be further extended by 3 years.
Premature withdrawal
- The account holder may withdraw the deposit and close the account at any time subject to the certain conditions.
Nomination facility
- Depositors may appoint a nominee or nominees under this scheme.
Account renewal
- The account can be extended for 3 years only once after the completion of 5 years’ term.
