(FAQ) SCSS

(FAQ) SCSS

  • FAQ SCSS

FAQ SCSS

A. The business relationship tin can be opened jointly with spouse only.

A. In case of a joint account, age of 1st applicant / depositor is the simply factor to decide the eligibility to invest nether the scheme. There is no age bar/limit for the 2nd applicant / joint holder

A.The whole corporeality of investment in an account under the scheme is attributed to the 1st applicant / Depositor only. Question of any share of the 2d applicant / joint account holder (Spouse), therefore, does not arise.

A.The account shall be treated every bit matured and post maturity interest at the rate applicative to the deposits under Post Part Savings Accounts from time to time, shall only be open-door for the period beyond maturity in accord with the rules. The amount of excess interest paid (at higher rate applicable to the deposits under SCSS) after maturity shall be deducted.

A.No Income / Wealth Taxation rebate and/or exemption is open-door under the scheme. The existing Income Tax provisions shall apply.

A.Yes. Both the Spouses can open individual and/or joint accounts with each other with the maximum deposits upto Rs.fifteen Lakh each, provided both are individually eligible to invest under relevant provisions of the rules governing the scheme.

A.No such requirement is specified. The Depositors may get their interest, due on the deposits under the scheme, credited to their existing saving account (s), at the deposit office where their account may be unmarried or joint, subject to the condition that the maximum limit of residual specified, if any, in the saving business relationship, is not crossed by credit of the involvement.

A.No. There is, however, no bar on the depositors for opening of new/multiple accounts inside the overall ceiling of Rs.15 lakh.

A.No such fee has been specified.

A. Any depositor may open an account at any eolith office by making an awarding in FORM -A along with the amount of deposit equally per the pay-in-slip in FORM-D, duly filled in, along with age proof.

B. A depositor may operate more than 1 business relationship nether these rules bailiwick to the condition that the deposits in all accounts taken together shall not exceed the maximum limit and provided that more than one business relationship shall non be opened in the same deposit role during a agenda month.

C. A depositor may open up the account in individual capacity or jointly with spouse.

A. Tax shall exist deducted at source even from any interest paid / payable to the legal heir of the account holder

A. The depositor may, at the time of opening of the business relationship, nominate a person or persons who, in the event of death of the depositor, will exist entitled to payment due on the business relationship.

A. Nomination can exist made in joint account too. In such a case, the articulation holder will exist the outset person entitled to receive the corporeality payable in the issue of decease of the depositor. The nominee's claim will arise only after the death of both the joint holders

A. No, a person holding a Power of Attorney cannot sign for the nominee in the nomination form.

A. In case of a joint account, if the offset holder / depositor expires before the maturity of the Business relationship, the spouse may continue the account on the same terms and conditions as specified under the SCSS Rules. Even so, if the 2nd holder i.due east. spouse has his / her own individual account, the aggregate of his/her private account and the deposit corporeality in the articulation account of the deceased spouse should not be more than the prescribed maximum limit. In case the maximum limit is breached, then the remaining amount shall be refunded, so that the aggregate of the individual account and deceased spouse's articulation account is maintained at the maximum limit.

A. If both the spouses have opened dissever accounts under the scheme and either of the spouses dies during the currency of the account(s), the account(s) standing in the proper noun of the deceased depositor/spouse shall not exist continued and such account(s) shall be closed. The account tin can be closed by making an application in Form 'F'. Annexures II & Three to Course 'F' tin can be attested by the Oath Commissioner or Notary Public

A. The retired personnel of Defence Services (excluding Civilian Defence Employees) will exist eligible to subscribe under the scheme on attaining the age of fifty years discipline to the fulfilment of other specified atmospheric condition. (The Senior Citizens Savings Scheme (Subpoena) Rules, 2022 notified on December 12, 2017)

A. "Retirement benefits" for the purpose of SCSS Rules have been defined as 'any payment due to the depositor on account of retirement whether on superannuation or otherwise and includes Provident Fund ante, retirement / superannuation gratuity, commuted value of alimony, cash equivalent of leave, savings chemical element of Group Savings linked Insurance scheme payable by employer to the employee on retirement, retirement-cum-withdrawal benefit under the Employees' Family Pension Scheme and ex-gratia payments under a voluntary retirement scheme'.

A. In example an investor has attained the age of 60 years and above, the source of amount being invested is immaterial .Still, if the investor is 55 years or above but below threescore years and has retired under a voluntary scheme or a special voluntary scheme or has retired from the Defense services, only the retirement benefits tin can exist invested in the SCSS.

If the investor is threescore years and above, at that place is no fourth dimension menstruation prescribed for opening the SCSS account(s). Nevertheless for those below 60 years, post-obit time limits have been prescribed.

A. the persons who have attained the age of 55 years or more but less than 60 years and who retired nether a voluntary retirement scheme or a special voluntary retirement scheme on the date of opening of an account under these rules, field of study to the condition that the account is opened by such individual within one month of the date of retirement benefits

B. The retired personnel of Defense force Services (excluding Noncombatant Defence force Employees) will exist eligible to subscribe under the scheme on attaining the historic period of 50 years subject to the fulfilment of other specified weather. [Dominion two of the Senior Citizens Savings Scheme (Amendment ) Rules, 2004]

A. The facility of pledging the deposit / account under the SCSS, 2004 for obtaining loans, is non permitted since the account holder will not exist able to withdraw the interest amount periodically, defeating the very purpose of the scheme.

Premature withdrawal / closure of the deposits from the accounts under the SCSS, 2004 has been permitted after completion of one year from the engagement of opening of theaccount later deducting the penalty corporeality equally given below.

A. If the account is airtight afterwards one year but earlier death of two years from the date of opening of the account, an amount equal to one and half per cent of the eolith shall be deducted. In example of undue hardship to whatsoever subscriber, the Ministry may consider request of such subscribers for premature closure of accounts before completion of 1 year on case to case footing.

B. If the business relationship is closed on or after the decease of ii years from the engagement of opening of the account, an amount equal to one per cent of the deposit shall be deducted.

However, if the depositor is availing the facility of extension of account and so he/she can withdraw the deposit and close the business relationship at whatever time after the expiry of one yr from the appointment of extension of the account without any deduction

A. A depositor may utilise in Form G, enclosing the Laissez passer Book thereto, for transfer of his account from i eolith office to another. If the deposit amount is rupees one lakh or to a higher place, a transfer fee of rupees five per lakh of deposit for the showtime transfer and rupees ten per lakh of deposit for the second and subsequent transfers shall be payable. [Rule eleven and GOI Notification GSR.(E) dated March 23, 2006)

A. A depositor may extend the business relationship for a farther period of 3 years by making an application to the deposit office within a menstruum of one year after maturity.

A. If an account has been opened in contravention of the SCSS Rules, the account shall be closed immediately and the eolith in the account, after deduction of the interest, if whatsoever, paid on such eolith, shall be refunded to the depositor.

A. In that location is no such provision exists under Senior Citizen Savings Scheme. Therefore such account cannot be opened in favour of mentally retarded person.


Last Updated On : Tuesday, 17-12-2019

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