Multiple Accounts- An individual can open multiple Senior Citizen Savings Scheme accounts, individually or as a joint investor. The other investor must be the spouse of the primary investor. Amazing Returns-At the rate of 8.7 percent/year, the returns on the SCSS are very satisfying.
How many accounts can be opened under SCSS?
An individual can open multiple Senior Citizen Savings Scheme (SCSS) accounts either individually or as a joint investor. I opened an SCSS account six years ago (extended) in my name with my wife as a second applicant (either /survivor) for maximum amount permitted.
How many times we can deposit in SCSS?
1000. Also, individuals can make a deposit only once, at the time of opening an account. Eligible individuals can start more than one account under this scheme. However, the deposit limit of all those accounts combined is also capped at Rs.
Can I invest every year in SCSS?
The SCSS account is transferable across the country. The account is initially opened for a period of five years which can be extended by three years. It is among the safest investment options for senior citizens.
Can I invest more than 15 lakhs in SCSS?
SCSS Deposit Limits
An individual can invest up to a maximum limit of Rs 15 lakh in the Senior Citizen Saving Scheme. They are allowed to make a lump sum deposit of Rs. 1000. However, the amount invested shouldn’t be greater than the amount to be received on retirement.
Which bank is best for SCSS?
List of Banks which Offer SCSS Accounts
- United Bank of India.
- Corporation Bank.
- Canara Bank.
- Dena Bank.
- Syndicate Bank.
- Central Bank of India.
- UCO Bank.
- Union Bank of India.
Is SCSS or PMVVY better?
But, in SCSS, one’s interest rate may vary on the quarterly basis while in PMVVY, one’s interest rate is fixed at the time of investment for the entire investment period.” Jhaveri said that in SCSS, investment period is for five years while in PMVVY, the investment period is 10 years.
Can SCSS be closed prematurely?
Premature withdrawal or closure of the SCSS account is permitted after completion of one year from the date of opening the account after deducting a penalty for early withdrawal or closure. The penalty varies from 1-1.5 per cent, depending on the completed tenure of the account.
Can I get monthly interest on SCSS?
Quarterly Interest Payouts: Under SCSS, the interest amount is paid to the accountholders quarterly which ensured period payouts adding to your investment. Interest will be credited on the first day of April, July, October, and January every financial year.
Can a businessman open SCSS account?
An SCSS account can be opened by an individual who is above the age of 60. Any individual, who has opted for a voluntary retirement scheme or retired between the age group 55 and 60 years, can opt for this scheme within one month of retirement.
Which bank gives highest interest rate for senior citizens?
Top 10 Public Sector Banks Providing Higher Returns On FDs For Senior Citizens
|Sr No.||Banks||Interest Rate|
|1||Bank of Baroda||6.25%|
|2||State Bank of India||6.20%|
|3||Union Bank of India||6.10%|
Can I transfer my SCSS account from post office to bank?
Transferable. An account holder has the options to make a transfer of this SCSS scheme to a different bank account or a post office of their preference. A transfer form needs to be submitted for the same. The fee for this feature is negligible.
Can I open both SCSS and Pmvvy?
Under both SCSS and PMVVY you can invest up to a limit of Rs 15 lakh individually or jointly. Both the Senior Citizen Savings Scheme and PMVVY can be taken into consideration.
Is the interest of SCSS fixed for 5 years?
The interest rate declared during the time of investment remains fixed throughout the maturity tenure and is not affected by alterations in a later quarter. For instance, Mr. Sunil deposited Rs. 2 Lakh in SCSS on 11th January 2018.
Can I open another SCSS account after maturity?
A. A depositor may extend the account for a further period of three years by making an application to the deposit office within a period of one year after maturity.