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Department Of Post Clarifies On Eligibility To Open SCSS


After a query was raised regarding whether or not the employee from the private sector can open the Senior citizen savings scheme (SCSS) account, the Department of Post has issued a note. The note says that the SCSS 2019 does not specify the category of employer and consequently any investor eligible for the scheme laid out in the SCSS 2019 scheme can open the SCSS account in the post office wherever one desires.

Department Of Post Clarifies On Eligibility To Open SCSS

In the communication, a post office savings account holder, previously employed with Abbott, Tanjore requested for the clarification via e-mail whether he being retired from a private organization and 58 years in age can open a SCSS account.

And as per the rule 3 ii) of Senior Citizen Savings Scheme 2019, the eligibility for the SCSS has been detailed and it is as though, "an individual who has attained the age of fifty-five years or more but less than sixty years, and who has retired on superannuation or otherwise on the date of opening of an account under this Scheme is eligible to open the account, subject to the condition that the account is opened by such individual within one 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."

So, no with distinction on the employer category, any candidate fulfilling the condition can deploy the retirement corpus in Post Office SCSS.

Story first published: Friday, December 11, 2020, 12:26 [IST]
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