How to Open an SCSS Account: Step-by-Step Guide

What is SCSS? The Senior Citizen Savings Scheme (SCSS) is a government-backed deposit scheme for senior citizens in India, offering a safe investment with a guaranteed interest rate.

Who Can Open an SCSS Account? Individuals aged 60 or above, and those aged 55-60 who retired under Superannuation, VRS, or Special VRS, can open an SCSS account.

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Opening an Account: SCSS accounts can be opened at any bank or post office in India.

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Minimum and Maximum Deposit: A minimum deposit of Rs 1000 is required, with deposits accepted in multiples of Rs 1000 up to a maximum of Rs 30 lakh.

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Joint Accounts: Accounts can be opened individually or jointly with a spouse. However, the entire deposit amount is considered to belong to the first account holder.

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Tax Benefits: Deposits in SCSS qualify for a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.

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Current Interest Rate: For the quarter ending September 30, 2024, the SCSS offers an interest rate of 8.2% per annum, paid quarterly.

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Account Duration: The account has a maturity period of 5 years, which can be extended for an additional 3 years.

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Withdrawal Rules: The account can be closed after 5 years from the date of opening. Premature closure is allowed but with certain penalties.

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eliability and Security: SCSS is considered a reliable and secure investment option for senior citizens, providing guaranteed returns and tax benefits.

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