Senior Citizen Saving Scheme 2022

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What is Senior Citizen Saving Scheme

1. A government initiative, Senior Citizens Savings Scheme (SCSS) is backed by the Indian government. 2. Those over the age of 60, or those who have retired, can take part in this initiative to make their post-retirement lives more secure. 3. The post office or one of the banks that offer this scheme are the only places you can open an account under this scheme.

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Who can open an account under this scheme?

You can open an account with the SBI Senior Citizens Savings Scheme if you fit into the following categories. 1. Those over the age of 60. 2. If the investment is made within 1 month of receiving their retirement benefits, retired civilian employees over 55 and under 60 years of age are eligible. 3. Retirement benefits are available to retired defense employees above 50 years of age and below 60 years of age who invest within a month after receiving the retirement benefits

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What are the other key features of this scheme?

1. Deposit limits: SBI SCSS account opening requires a minimum deposit of 1,000. Deposits may be higher in multiples of 1,000. The maximum deposit is 1.5 lakhs. 2. Investment tenure: In SCSS, the investment tenure is five years from the date of opening, making it a medium-term income benefit option.

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3. Extension of your account: If you choose to extend your investment beyond the 5-year tenure, the interest rate on the SBI Senior Citizens Savings Scheme will remain the same. 4. Premature closure: You can still close your SBI Senior Citizens Savings Scheme account before maturity. If you do so, however, your payouts will be subject to penalties.

What are the other key features of this scheme?

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