Senior Citizen Saving Scheme

In Indian tradition or culture senior citizen holds most valuable respect and dignity. Its individuals responsibility to give them respect and help them to make their wishes true. We know that because of our seniors we are able to live our life quite comfortably; it is their blessing that gives strength that makes us stronger. In modern days these culture are missing from our society, to make next generation life balanced, as younger its responsibility to support them to make their like comfortable. Government of India offers plenty of saving schemes and policy for most respected person of our society.


Senior Citizen Saving Scheme in India

To make financial condition of person aged more than 60 years, government of India avails various saving and investment plans. These policies will make their life less complicated and will allow them to live their life the way they want to live. Policy inaugurated by Indian government can be bought from any bank or post office branch. Senior citizen can choose plan as per their interest and maturity tenure of policy. As per policy minimum criteria of investment is INR 1000 and maximum limit is 15 lakhs annually. Senior citizen saving accounts is safe, robust, highly interactive and effective from long term investment point of view.


Senior Citizen Saving Scheme Benefits

Buy one of the best saving scheme policy from all available policy launched of government. These policies are sponsored by government to make them most interesting investment option for people aged more than 60 years.

. Most authentic facility offered by this policy is:
1. As these policies are sponsored by the government so there is no chance of any fraud.
2. 8.6% interest rate offered by the government under SCSS.
3. Senior citizen saving scheme are easy to buy and can be but online or offline.
4. Under SCSS policy multiple accounts can be open as per investor choice.
5. Investor will receive exemption in income tax under IT Act 28C.
6. To open account, least documentation is required.
7. This policy works as long term investment plans for all senior citizen and also offer the facility in account tenure flexibility.
8. Tenure of this account is five years.
9. Investors get the flexibility to choose plans as per their income.
10. In case of any emergency account can be terminated before maturity tenure.


Eligibility Criteria for Senior Citizen Saving Scheme

1.Applicant must be Indian origin and age should be more than 60 years.
2. If applicant has taken VRS from service then age must be between 55 to 60 years, and policy must be bought within one month of retirement.
3. Invested amount must not exceed the retirement befits amount.
4. If someone is planning to open joint account then primary investor age must be as per policy provisions.


Rules Regarding Senior Citizen Saving Scheme

1. Applicant must be Indian origin and age should be more than 60 years.
2. If applicant has taken VRS from service then age must be between 55 to 60 years, and policy must be bought within one month of retirement.
3. Invested amount must not exceed the retirement befits amount.
4. If someone is planning to open joint account then primary investor age must be as per policy provisions.


Rules Regarding Senior Citizen Saving Scheme

Before investing amount, investor must be aware about condition and rules decided by the government 1. Applicant must fulfill all related criteria.
2. Maximum amount that allowed to deposit is 15 lakhs and one time deposit is allowed under SCSS.
3. As per rules tenure is five years and may be extended for three more years as per policy holder desire.
4. Individual can open more than one account including joint account, but to do so person must fulfill all the criteria.
5. Interest on the money accumulated in the SCSS account is payable on 31st March/30th September/31st December in the first instance and thereafter interest is payable as of 31st March, 30th June, 30th September and 31st December of each year.
6. Facility of transfer from one to other account will be available.
7. It must be noted that cash is an acceptable medium of investment if the initial amount is less that Rs.1 lakh. If this amount is larger than Rs.1 lakh then a cheque must be used.
8. If income from interest is more than 10000 then tax will be applied.
9. In case of premature termination of account, facility and other services will be reduced.


Senior Citizen Saving Scheme Tax Benefits

In this world generally save money for future use or for any financial emergency condition. Its important to understand the value of saving so deal with any issue regarding this type of issues. Generally people invest their money in various policies to save their income tax. As far as senior citizen saving scheme is concern this policy offers various tax related benefits:
1. As per Income tax Act 1961, section 80C offers exemption is income tax in all investment that made under this policy.
2. If investor income is more than 10000 in one financial year then according to rule income tax and Tax deduced at source (TDS) will be applied.
3. Apart from above describe facility policy offers higher return and other flexibility that will help in tax saving.


Calculator for Senior Citizen Saving Scheme

Calculator will offer maximum flexibility in terms of policy investment, interest rate, tenure, documentation, future benefits and several other facilities to make things much obvious regarding investment.

People should not forget that interest rate under this policy is subject to change and revised by the government of India annually. Interest amount credited in the account of the respective person quarterly. Interest rate calculated as quarterly basis too to keep process of transaction obvious and transparent. Other valuable aspect of this process is specified below:

1.On SCSS deposits, current applicable interest rate will be 8.6% yearly.
2. As per current interest rate, quarterly interest rate will be 2.175%.
3. This interest rate will be applicable on per 100 is 2.175.
4. In this way for INR 1 is 0.02715.


Senior Citizen Saving Schemes Offered by the Post Office

As we know that Indian post department is most reliable and authentic platform that brings maximum beneficial services for customers. In modern era this is one of the safest places to invest amount. This is the place for all rural areas person and for urban areas persons too. Post office is the best place to deposit amount for long term not only under SCSS but in NSC and NSS too. Process and policy applied by the office is quite easy and customer friendly. Add on charges are almost NIL compare to other public and private sector bank.


Senior Citizen Saving Scheme Offered by Public and Private Sector Banks

Apart from Indian post department, there are several nationalized bank in India that offers SCSS facility for all eligible candidates. Banks uses latest technology and approach to keep transaction much secure and robust. Banks also offers interactive interest rates for all customers and avails 24*7 customers support. In some prospect bank offers much better investment options and deals for all interested customers. People who belongs to rural, urban or semi urban locality may buy these policy in their nearest bank branch.


List of Banks Offers SCSS facility

a. State Bank of India and Associates Bank.
b. Dena Bank
c. Bank of India
d. UCO Bank
e. ICICI Bank
f. Bank of Baroda
g. Union Bank of India
h. IDBI Bank
i. Allahabad Bank
j. Andhra Bank
k. Bank of Baroda
l. Vijaya Bank
m. Central Bank of India
n. Syndicate Bank.
o. Bank of Maharastra


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