Saturday, 29 April 2017

SENIOR CITIZEN'S SAVINGS SCHEME-2004

Ø  Interest @ 8.4% per annum from the date of deposit on quarterly basis w.e.f. 01-04-2017 ( for Quarter-I)
Ø  Minimum deposit is Rs 1000 and multiples thereof. Maximum limit of 15 lakhs.
Ø  Maturity period is 5 years and can be extended for a further period of 3 years.
Ø  Age should be 60 years or more, and 55 years or more but less than 60 years who has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.
Ø  No age limit for the retired personnel of Defense services provided they fulfill other specified conditions.
Ø  The account may be opened in individual capacity or jointly with spouse.
Ø  TDS is deducted at source on interest if the interest amount is more than Rs 10,000/- per annum.
Ø  Investment up to Rs 1, 50,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
Ø  Interest can be automatically credited to savings account provided both the accounts stand in the same bank...
Ø  Premature closure is allowed after one year on deduction of 1.5% of the deposit and after 2 years on deduction of 1%.
Ø  No withdrawal permitted before the expiry of a period of 5 years from the date of opening of the account.

Ø  Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account.

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