Who is eligible for SCSS?
1. 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.
Can a housewife 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.
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.
What is Senior Citizens Saving Scheme SCSS?
Senior Citizen Savings Scheme is a government-backed scheme. … SCSS is a government-backed retirement savings programme. 2. People above 60 or those who have opted for VRS and are within the age bracket of 55-60 and retired defence personnel over the age of 50 can also invest in this scheme.
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 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 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 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 SCSS for my father?
However, the SCSS is still an attractive option and makes for a good financial gift for your parents. With 8.3% rate locked in for five years (extended to three more years), it also offers tax exemption under Section 80C, as well as liquidity with quarterly payouts.
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.
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 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.