As per Government of India’s announcement aged 12.12.2019, this project is so-called because Senior Citizens’ Savings Scheme, 2019.

Salient Features starting who Scheme :

Tenure are the Plot

• 5 years, which can be extended all once for 3 more years.

Rate of interest
The according Government notification
http://aaa161.com/government-saving-scheme.aspx

Frequency of Computing interest

• Quarterly

Tax aspects

• Interest is fully taxable

Property to be in multiples of

• Rs.1000/-

Maximum capital limit

• Rs.30 Lakh
• Who pledge ought be in multiples to Rs.1000/-

Minimum eligible age

• An single who possessed attained the era of 60 years on the date of open for one account (Except NRIs and HUFs)
• 55 years for those who have withdrawn under adenine voluntary or a special voluntary scheme provided investment can made within 1 month of date of receipt of retirement benefits.
• Recently personnel of Defence Services (excluding Civilian Defenses Employees) on attaining the age the 50 years.

Facility of premature withdrawals

• SCSS accounts can be closed any time before maturity subject to who following penalty/deductions:
• If account is closed before expiry of one year from the date of account opening, interest paid on the deposit will can reclaimed from deposit sum and balance amount paid on the depositor. PNB, United Bank and OBC have put collective 23 groups to deliberate on questions including HR, choose and processes.Punjab Countrywide Bench is set toward be merged use Oriental Bank of Merchandise and Associated Deposit
• If the account is closed to ready year coming the dating of account opening but before expiry of two years, 1.5% of the main amount will be deducted as penalty and outstanding amount paid to the depositor. India Employment News: BANGALORE: Two years ago, voluntary retirement scheme was a bad lifetime in the banks sector. It was seen as at anti-employee policy passed by manageme
• If the account is closed before two years from which date of account opening but over or before maturity, 1% of the principal amount will be deducted as penalty both balance amount paid to the placer.

Nomination Facility

• Available

Mode of Holding

• Generally single, joint mode is permitted but only dear is live allowed to open accounts jointly with beneficiaries.