Senior Citizen Savings Scheme (SCSS) is one of the safest investment options available to the senior citizens in India that provides fixed regular income with tax saving. It is a Government of India product.
Senior Citizen Savings Scheme (SCSS) is the best suited to those investors who want a decent risk free and regular returns on their investments.
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Eligibility Criteria for Senior Citizen Savings Scheme (SCSS)
- An individual who has attained the age of 60 years and above on the date of opening of an account.
- An individual 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.
- An individual who has retired at any time before the commencement of these rules and attained the age of 55 years or more on the date of opening of an account
- The retired personnel of Defence Services (excluding civilian Defence employees) irrespective of the above age limits subject to fulfilment of other specified conditions.
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Documents Required for Senior Citizen Savings Scheme (SCSS)
- Duly filled Application Form (Form A)
- Duly filled Know Your Customer (KYC) Form
- Colour Passport Size Photographs of the Applicant/s
- Copy of Permanent Account Number (PAN)
- Copy of Aadhaar Card
- Copy of Proof of Address
- Copy of Proof of Age (any of the following):
- Passport
- Senior Citizen Card
- Birth certificate issued by MC/Gram Panchayat/District office of registrar of births and death
- Voter ID card
- PAN card
- Ration card
- Date of birth certificate from the school
- Driving license
- In the case of retirees, a certificate from the employer, stating the retirement was on superannuation or otherwise, retirement benefits, employment held (designation) and the period of employment.
- Proof of date of disbursal of the retirement benefits
- In case a customer who has attained the age of 55 years or more but less than 60 years, and who has retired, can open the account within a month of the date of receipt of the retirement benefits and proof of date of disbursal of such retirement benefit(s) along with a certificate from the employer.
- The retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible to subscribe under the scheme irrespective of the above age limits subject to the fulfilment of other specified conditions.
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How to Open Senior Citizen Savings Scheme (SCSS) Account?
The Senior Citizen Savings Scheme (SCSS) Account can be opened at any authorized bank or post office branch across India. Following is the step by step process of opening Senior Citizen Savings Scheme (SCSS) Account:
- Select the Bank Branch or Post Office Branch where you want to open SCSS Account
- Visit the selected branch personally along with required documents (as mentioned in the Documents required section in this article)
- Ask for Application Form for opening SCSS Account (Form A)
- Fill up the application form properly
- Mention the savings account details to receive the credit of the quarterly interest.
- Sign the form at the required space
- Affix your photographs
- Fill up the form of nomination
- Attach all the required documents with the account opening form such as identity proof, address proof, age proof, etc.
- Hand over a cheque/ DD/ Pay Order/ Cash of amount to be deposited in the SCSS Scheme along with the application to the authorised person in the branch.
- Obtain an acknowledgement of the application submitted.
- After opening of SCSS Account, the depositor will be provided with a passbook showing account number, depositor's name, photograph, the date of opening of account, address, amount deposited, dates and amount of the quarterly interest payable, maturity date and amount and nomination details.
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Number of Accounts Opened under Senior Citizen Savings Scheme (SCSS)
A depositor can open any number of SCSS Accounts but he/ she must make sure that the total amount deposited in all the accounts in his/ her name must not exceed the maximum investment limit allowed to him/ her i.e. either Rs. 15 lakhs or the amount received as a retirement benefit, whichever is lower.
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Points to Remember for Opening a Senior Citizen Savings Scheme (SCSS) Account
- All the attached documents should have to be self attested.
- Don't forget to carry original documents with you for verification purpose.
- If the account is to be opened jointly, then all the documents of the joint holder are also required to be submitted along with the application.
- NRI and HUF are not eligible to open an account under this scheme.
- There shall be only one deposit in the account minimum of Rs. 1,000 and in multiples of Rs. 1,000 thereafter but not exceeding Rs. 15 lakhs.
- The amount deposited in the scheme cannot exceed the money that has been received on retirement with a maximum cap of Rs. 15 lakhs.
- The SCSS Scheme does not have the option of 'Cumulative Interest'.
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