Senior Citizens Savings Scheme

 

The Bank is opening accounts and accepting deposits in Senior Citizens Savings Scheme through our all the branches.

  • Senior Citizens Savings Scheme

The Scheme offers-

  • Maturity Period 5 years with facility to extend for further 3 years
  • A person who has completed sixty years can open the account
  • Relaxation of age for VRS employee and retired Defence personnel
  • The interest rates are notified by Government of India from time to time and payable on every end of quarter.

Eligibility

  • An individual who has attained the age of 60 years and above on the date of opening of an account.
  • who has attained the age of 55 years or more but less than 60 years and who has retired on superannuation or otherwise on the date of opening an account as per the term and conditions specified under the rules.
  • The retired personnel of Defence Services (excluding civilian Defence employees) irrespective of the above age limits subject to fulfillment of other specified conditions.

Deposits and withdrawals

  • Deposits to be made in multiple of one thousand rupees with maximum investment limit of Rs 15 lacs
  • The Account holders may close their accounts at any time subject to conditions (According to Government of India guidelines).
  • Joint Account - can be opened only with the spouse.

Interest on Deposit

  • The deposit made under these rules shall bear interest notified by Government of India from the date of deposit payable at the end of each calendar quarter e.g. 31st March / 30th June / 30th September / 31st December. The rate of interest notified by Government of India time to time.
  • TDS shall be deducted at source.

Nomination

  • The depositor may nominate a person or persons, at the time of opening of the account or at any time after the opening of the account but before its closure
  • Nomination made by the depositor can be cancelled or varied.
Instrument Rate of Interest w.e.f. 01.07.2021 to 30.09.2021 Compounding Frequency
5 Year Senior Citizen Saving Scheme (SCSS) 7.40% Quarterly & paid
Public Provident Fund Scheme (PPF) 7.10% Annually
SukanyaSamriddhi Account Scheme (SSA) 7.60% Annually

 

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