Being tax deductible the Senior Citizen Saving Scheme or SCSS is a preferred investment scheme for senior citizens. It is a plan backed by the government. The senior citizen saving scheme is customized to suit the specific requirements of an investment minded senior citizen.
You can open Senior Citizen Savings Scheme in the post office or with any recognized PSU banks and private banks.
How to open SCSS account?
To open a Senior Citizen Saving Scheme Account the depositor has to visit any deposit office and make an application in Form A. Fill the Form A of account opening. Along with this, he or she has to provide proof of age and deposit the amount in multiples of thousand. Deposit Amount-If deposit amount is less than one lakh, then it is accepted in cash. If it is more than Rs 1 lakh then either in cheque or DD. Who Is Eligible To Get Free LPG Connection Under PM Ujjwala Yojana?
You need two passport size photographs for starting an SCSS account. Age Proof like Passport, Senior Citizen Card, Birth certificate issued by MC/Gram Panchayat/District office of the registrar of births and death, Voter ID card, PAN card, Ration card, Date of birth certificate from the school or Driving license need to be submitted. Address and Identity Proof also needed. You can submit passport or PAN card, Birth Certificate/ Voter's ID/ Senior Citizen Card etc. The applicant needs to carry documents for KYC verification.
There are some limits that one can invest in Senior Citizen Saving Scheme 0r SCSS. Minimum of Rs 1,000 and in multiples of Rs 1,000. Maximum of Rs 15 lakh. One can open multiple accounts either in an individual capacity or jointly with spouse. You can open more than one account as long as the total deposits in all of the accounts together does not exceed Rs.15 Lakhs collectively. Advantages of The Post Office Senior Citizen Savings Scheme (SCSS)
The SCSS Account will not be extended automatically. But you can extend for a period of 3 years after 5 years maturity period. You have to submit Form B within one year from the date of maturity for this. such extended accounts can be closed after one year of extension without any penalty. Means after completion of the 6th year, one can withdraw the amount without any penalty.