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Can SCSS be withdrawn?

“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. Premature withdrawals under the scheme also attract a major penalty which ranges from 1-1.5% on the principal amount,” R.

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.

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Can SCSS be opened online?

Online application facility is not available for SCSS. In order to open a SCSS account, the customer must visit the post office or bank branch and fill up the related form. The same form should be attached with KYC documents, age proof, ID proof, Address proof and cheque for deposit amount.

Is money safe in SCSS?

SCSS is an Indian government-sponsored investment scheme and hence is considered safe and most reliable. … 1.5 lakh under Section 80C of the Indian Tax Act, 1961. The 5-year tenure of the account can be extended for another 3 years.

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 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.

How many accounts can be opened under SCSS by a senior citizen?

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.

Which bank gives highest interest rate for senior citizens?

Top 10 Public Sector Banks Providing Higher Returns On FDs For Senior Citizens

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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%
4 Canara Bank 6.00%

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 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 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.

What is the best investment for senior citizens?

Investment Options for Regular Monthly Income

  • Fixed deposits (FD) and recurring deposits (RD) are one of the most common types of investments for retired individuals. …
  • SCSS is an excellent investment option for senior citizens looking for long-term saving schemes which offer security with additional benefits.

Can SCSS be opened in Axis Bank?

To start an SCSS account, Form A will have to be filled and submitted along with supporting documents. Form A can either be downloaded from the official website of Axis bank or collected from the bank branch. These supporting documents will have to be self-attested.

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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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