Frequent question: Who can be nominee in SCSS?

Resident individuals who satisfy the following criteria can invest in SCSS: Senior citizens of India aged 60 years or above. Citizens who have opted for the Voluntary Retirement Scheme (VRS) or Superannuation and in the age bracket of 55-60 years. Retired defense personnel above 50 years of age and below 60 years of …

Is nominee mandatory in SCSS?

Investments under SCSS qualify for tax deduction under Section 80C of the Income Tax Act. This tax benefit is limited up to Rs 1.5 lakh per annum for all investments under Section 80C. … However, any deposit made after the death of the depositor is taxable in the hands of the legal heir or nominee.

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 …

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Can husband and wife both invest in SCSS?

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 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.

Can Nominee continue SCSS after death?

Also, in case of surviving nominee is a spouse, he or she can continue SCSS A/c even if a separate SCSS A/c is opened in her/his name.

Can I close SCSS before 1 year?

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 SCSS account be transferred?

Transfer of an account: An SCSS account can be transferred from a bank to a post office and vice versa. The process to open an SCSS account is also easy and hassle-free. Premature withdrawal: After one year of opening the account, premature withdrawal is allowed.

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 it good to invest in SCSS?

High Interest Rate: Offering interest at the rate of 7.4% per annum, SCSS is among the most beneficial investment options, especially compared to the rather traditional ways of savings such as FD and Savings Account. Tax Benefit- Under section 80C of the Income Tax Act, SCSS is eligible for a tax deduction of up to Rs.

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Can I invest in both PMVVY and SCSS?

While both PMVVY and the SCSS scheme currently offer 7.4% interest rate, in PMVVY your returns get locked in for the entire 10-year tenure once you buy it. In SCSS the investment period is five years but in PMVVY, investment period is 10 years, offering assured return for a longer tenure.

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.

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.

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 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.

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Can I open SCSS account in HDFC Bank?

Now the next step: how to open a Senior Citizen Savings Account. The bank simply requires that you provide your identity proof and your address proof along with a few of your latest passport size photographs. This can be done at the nearest branch of the bank of your choice.

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