Post%20Office%20Savings%20Schemes-Senior%20Citizens%20Savings%20Scheme%20Account%28SCSS%29%u200B

#PostOffice #PostOfficeSchemes

An individual above 60 years of age can open an account
Minimum deposit shall be Rs. 1000 and in multiple of 1000, subject to maximum limit up to Rs. 15 lakh in all SCSS accounts opened by an individual
Extended account can be closed after the expiry of one year from the date of extension of the account without any deduction

Written By:Pallak

Updated: December 07 2020 12:58:05 AM ET New Delhi, Delhi, India

From%20April%201%2C%202020%2C%20interest%20is%20payable%20at%207.4%25%20per%20annum.%20It%20shall%20be%20payable%20on%2031st%20March%2C%2030th%20June%2C%2030th%20Sept%20and%2031st%20December.%26nbsp%3B

%3Cstrong%3E%3Cu%3EWho%20can%20apply%3C/u%3E%3C/strong%3E

An%20individual%20above%2060%20years%20of%20age%20can%20open%20an%20account.%20Retired%20Civilian%20Employees%20above%2055%20years%20of%20age%20and%20below%2060%20years%20of%20age%2C%20subject%20to%20condition%20that%20investment%20to%20be%20made%20within%201%20month%20of%20receipt%20of%20retirement%20benefits.%20Retired%20Defense%20Employees%20above%2050%20years%20of%20age%20and%20below%2060%20years%20of%20age%2C%20subject%20to%20condition%20that%20investment%20to%20be%20made%20within%201%20month%20of%20receipt%20of%20retirement%20benefits.%20Account%20can%20be%20opened%20as%20individual%20capacity%20or%20jointly%20with%20spouse%20only.%20The%20whole%20amount%20of%20deposit%20in%20a%20joint%20account%20shall%20be%20attributable%20to%20the%20first%20account%20holder%20only.

%3Cstrong%3E%3Cu%3EDeposit%3C/u%3E%3C/strong%3E%3Cbr%3EMinimum%20deposit%20is%20to%20be%20Rs.%201000%20and%20in%20multiple%20of%201000%2C%20subject%20to%20maximum%20limit%20up%20to%20Rs.%2015%20lakh%20in%20all%20SCSS%20accounts%20opened%20by%20an%20individual.%20In%20case%20any%20excess%20deposit%20made%20in%20SCSS%20account%2C%20excess%20amount%20will%20be%20refunded%20immediately%20to%20the%20depositor%20and%20only%20PO%20Savings%20Account%20Interest%20rate%20will%20be%20applicable%20from%20the%20date%20of%20excess%20deposit%20to%20the%20date%20of%20refund.%20Investment%20under%20this%20scheme%20qualifies%20for%20the%20benefit%20of%20section%2080C%20of%20Income%20Tax%20Act%2C%201961.%3Cbr%3E%3Cu%3EInterest%3C/u%3E%3Cbr%3EInterest%20shall%20be%20payable%20on%20quarterly%20basis%20and%20applicable%20from%20the%20date%20of%20deposit%20to%2031st%20March/30th%20June/30th%20September/31st%20December.%20If%20the%20interest%20payable%20every%20quarter%20is%20not%20claimed%20by%20an%20account%20holder%2C%20such%20interest%20shall%20not%20earn%20additional%20interest.%20Interest%20can%20be%20drawn%20through%20auto%20credit%20into%20savings%20account%20standing%20at%20same%20post%20office%2C%20or%20ECS.%20In%20case%20of%20SCSS%20account%20at%20CBS%20Post%20offices%2C%20monthly%20interest%20can%20be%20credited%20into%20savings%20account%20standing%20at%20any%20CBS%20Post%20Offices.%20Interest%20is%20taxable%20if%20total%20interest%20in%20all%20SCSS%20accounts%20exceeds%20Rs.50%2C000/-%20in%20a%20financial%20year%20and%20TDS%20at%20the%20prescribed%20rate%20shall%20be%20deducted%20from%20the%20total%20interest%20paid.%20No%20TDS%20will%20be%20deducted%20if%20form%2015%20G/15H%20is%20submitted%20and%20accrued%20interest%20is%20not%20above%20prescribed%20limit.

%3Cu%3EPremature%20Closure%3C/u%3E%3Cbr%3EAccount%20can%20be%20prematurely%20closed%20any%20time%20after%20date%20of%20opening.%20%26nbsp%3BIf%20account%20closed%20before%201%20year%2C%20no%20interest%20will%20be%20payable%20and%20if%20any%20interest%20paid%20in%20account%20shall%20be%20recovered%20from%20principle.%20If%20account%20closed%20after%201%20year%20but%20before%202%20year%20from%20the%20date%20of%20opening%2C%20an%20amount%20equal%20to%201.5%20%25%20will%20be%20deducted%20from%20principal%20amount.%20If%20account%20closed%20after%202%20year%20but%20before%205%20year%20from%20the%20date%20of%20opening%2C%20an%20amount%20equal%20to%201%20%25%20will%20be%20deducted%20from%20principal%20amount.%20Extended%20account%20can%20be%20closed%20after%20the%20expiry%20of%20one%20year%20from%20the%20date%20of%20extension%20of%20the%20account%20without%20any%20deduction.

%3Cstrong%3E%3Cu%3EAccount%20closure%20on%20maturity%3C/u%3E%3C/strong%3E%3Cbr%3EAccount%20may%20be%20closed%20after%205%20year%20from%20the%20date%20of%20opening%20by%20submitting%20prescribed%20application%20form%20with%20passbook%20at%20concerned%20Post%20Office.%20In%20case%20of%20death%20of%20account%20holder%2C%20from%20the%20date%20of%20death%2C%20account%20shall%20earn%20interest%20at%20the%20rate%20of%20PO%20Savings%20Account.%20In%20case%20spouse%20is%20a%20joint%20holder%20or%20a%20sole%20nominee%2C%20account%20can%20be%20continued%20till%20maturity%20if%20spouse%20is%20eligible%20to%20open%20SCSS%20account%20and%20not%20have%20another%20SCSS%20Account.

%3Cstrong%3E%3Cu%3EExtension%20of%20Account%3C/u%3E%3C/strong%3E%3Cbr%3EAccount%20holder%20may%20extend%20the%20account%20for%20further%20period%20for%203%20years%20from%20the%20date%20of%20maturity%20by%20submitting%20prescribed%20form%20with%20passbook%20at%20concerned%20post%20office.%20Account%20can%20be%20extended%20within%201%20year%20of%20maturity.%20Extended%20account%20shall%20earn%20interest%20at%20the%20rate%20applicable%20on%20the%20date%20of%20maturity.

Stay%20tuned%20to%20know%20more%20about%20Post%20Office%20Savings%20Schemes%21%26nbsp%3B%3Cbr%3E%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23PostOfficeSchemes%22%20data-user-id%3D%22Mo37HkkwSyR4%22%20href%3D%22/topic/postofficeschemes%22%3E%23PostOfficeSchemes%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23PostOffice%22%20data-user-id%3D%220tXUnnw4Prk9%22%20href%3D%22/topic/postoffice%22%3E%23PostOffice%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23India%22%20data-user-id%3D%22Bq4MmUPrXF8p%22%20href%3D%22/topic/india%22%3E%23India%3C/a%3E%26nbsp%3B