Can SCSS account be opened jointly?

Ans: Yes, one can open a joint SCSS account with his/her spouse only and the maximum amount that can be invested in it is Rs. 15lakhs only.

Can SCSS be opened jointly with son?

SCSS accounts can be opened jointly with the spouse. The age of the first or primary account holder is considered for the age limit. No age limit is applicable for the second applicant.

Who can be joint account holder in SCSS?

SCSS accounts can be opened jointly with the spouse. The age of the first or primary account holder is considered for the age limit. No age limit is applicable for the second applicant. The amount to the credit of the SCSS account is attributable only to the first account holder.

Can I open joint account with senior citizen?

All resident individuals (sole or joint) in the age group of 60 years and above are eligible to open a Senior Citizens Account. In the case of a joint account, the first applicant has to be a senior citizen. A minimum deposit of Rs.

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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 husband and wife open SCSS account separately?

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.

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.

What if SCSS account holder dies?

As per rules, no deduction shall be made in case of premature closure of an account at any time due to death of a depositor, said the Indian Banks’ Association. … “Since the SCSS has a 5-year lock-in period, any withdrawals prior to that are treated as premature withdrawals even if it is due to the death of the depositor …

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 …

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Can any senior citizen open SCSS?

Any individual, above the age of 60, can open a Senior citizen savings account accompanied by all the required documents. Can anyone open joint SCSS account with any family member? A joint SCSS account can be opened by investing maximum Rs. 15 lakh (in the multiples of Rs.

Can a senior citizen have both SCSS and PMVVY?

Tenure. Both PMVVY and SCSS are applicable only to senior citizens with a minimum age limit of 60 years and over. 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.

Can we invest monthly in SCSS?

Resident individuals who satisfy the following criteria can invest in SCSS: Senior citizens of India aged 60 years or above. … HUFs and NRIs are not allowed to invest in this scheme. The investment has to be done within a month from the date of receiving the retirement benefits.

Which is better PMVVY vs SCSS?

PMVVY vs SCSS: Amid lowering fixed deposit (FD) interest rates at leading Indian banks, senior citizens are busy finding out better risk-free investment option. According to tax and investment experts, if an investor is looking for an assured investment return then Senior Citizen Saving Scheme (SCSS) is a good option.

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.

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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.

Does HDFC offer SCSS?

New Delhi: Several banks including State Bank of India, HDFC Bank, Bank of Baroda, are offering senior citizens special fixed deposit (FD) schemes, providing higher interest rates on term deposits.

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