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. … Flexible Duration-The The SCSS account comes with a time period of five years but it can be extended up to 3 more years.
Can husband and wife open SCSS separately?
A. Yes. Both the Spouses can open individual and/or joint accounts with each other with the maximum deposits upto Rs. 15 Lakh each, provided both are individually eligible to invest under relevant provisions of the rules governing the scheme.
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.
Can I open another SCSS account after maturity?
You can extend the Senior Citizen Savings Scheme (SCSS) Account up to 8 years. On maturity after 8 years, can I open another account? The tenure of Senior Citizen Savings Scheme (SCSS) Account is five years. … If you want to open a new account with the maturity amount after eight years, you are free to do so.
Can a senior citizen open SCSS accounts both in post office and SBI for 15 Lacs each in one name?
SCSS accounts can be opened jointly with the spouse. The age of the first or primary account holder is considered for the age limit. … Both spouses (if eligible as per age criteria) can hold single and joint accounts with each other with maximum deposit of up to Rs 15 lakh in each account.
Can SCSS be opened jointly with wife who is also a senior citizen?
Reliable-It is an investment product that is backed up by the Indian Government, thus loaded with security assurance. 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.
What happens if SCSS holder dies?
(3) In case of death of a depositor before maturity, the account shall be closed and deposit refunded on an application in Form ‘F’ alongwith interest applicable to the scheme till the date of death on which the depositor expired, to the nominee or legal heir in case the nominee has also expired or nomination as …
Can SCSS be opened in bank?
Simple Investment Process: The process of investing in SCSS is quite simple. You can open an SCSS at any authorized bank or any post office in India.
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.
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.
How many accounts can be opened by a senior citizen in a branch in the same month?
Therefore, an account holder may operate more than one account under the scheme subject to the condition that the deposits in all the accounts taken together shall not exceed the maximum limit, i.e. Rs. 15 lakh. Also, more than one account shall not be opened in the same deposit branch during a calendar month.
Can I open SCSS in SBI?
All the individuals who are eligible to invest in this scheme can invest by opening an SBI SCSS account through any branch of SBI. By this investment, he/she can accumulate a substantial corpus.
How can I transfer my SCSS to another 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 a person invest in both SCSS and PMVVY?
Both PMVVY and SCSS are applicable only to senior citizens with a minimum age limit of 60 years and over. … So this is your guide to who can invest in SCSS and who can invest in PMVVY. Only, SCSS can also be acquired from those who have received VRS.
Can I deposit 15 lakhs in my account?
Cash deposits in bank accounts: CBDT has made it mandatory for a bank or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more during a financial year, in one or more accounts (other than a current account and time deposit) of a person.
Is NSC or SCSS better?
By investing in NSC, you will be able to double your money in 10.58 years. Senior citizens savings scheme (SCSS): SCSS is offering an interest rate of 7.4%. … So, if you want to double your money sooner, you need to invest in an instrument which is giving a higher rate of interest.