An Indian senior citizen, 60 years or above. 2. While attaining the age of 55-60 years, if you have opted for the voluntary retirement scheme (VRS), you can invest in SCSS. … Any retired defence personnel who has attained the age of 50 years and is below 60 years of age can also make investments in the scheme.
Who can not open SCSS account?
Retired personnel from defence services (except civilian defence employees) who have attained the age of 50 years; Non-resident Indians (NRIs) and Hindu Undivided Families (HUFs) cannot invest in the SCSS.
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 a senior citizen open two SCSS accounts?
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.
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 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.
Can SCSS be closed?
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.
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 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 I open senior citizen scheme online?
How can I open a senior citizen savings schemes account 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.
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.
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 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.