Indian Post Office has started Senior Citizen Saving Scheme (SCSS) 2024 for senior citizens. Read this article to know how to download post office senior citizen saving scheme account opening form PDF, what is interest rate, minimum deposit amount, maximum balance to be retained in SCSS account. Also know SCSS premature withdrawal rules, account closure / extension details. SCSS is an important scheme of Post Office Savings Bank and its official website is indiapost.gov.in.
The extension of the account shall be deemed to have been made from the date of maturity or from the date of end of each block period of three years, irrespective of the date of application
About Post Office Senior Citizen Saving Scheme 2024
Central government revises Small Savings Scheme interest rates on a quarterly basis. Currently, senior citizen saving scheme offers 8.2% interest rate w.e.f 1 July 2024. Investment in Senior Citizen Saving Scheme offers tax benefits under 80C of Income Tax Act. SCSS Account Maturity Period (Lock-In Period) is only 5 years with maximum limit of Rs. 15 lakh.
Who can open SCSS Account
- An individual above 60 years of age.
- Retired Civilian Employees above 55 years of age and below 60 years of age, subject to condition that investment to be made within 1 month of receipt of retirement benefits.
- Retired Defense Employees above 50 years of age and below 60 years of age, subject to condition that investment to be made within 1 month of receipt of retirement benefits.
- Account can be opened as individual capacity or jointly with spouse only.
- The whole amount of deposit in a joint account shall be attributable to the first account holder only.
Deposit in PO Senior Citizen Saving Scheme
- Minimum deposit shall be Rs. 1000 and in multiple of 1000, subject to maximum limit up to Rs. 15 lakh in all SCSS accounts opened by an individual.
- In case any excess deposit made in SCSS account, excess amount will be refunded immediately to the depositor and only PO Savings Account Interest rate will be applicable from the date of excess deposit to the date of refund.
- Investment under this scheme qualifies for the benefit of section 80C of Income Tax Act, 1961.
Post Office Senior Citizen Savings Scheme Interest Rate
- From 01.07.2024, interest rates under Senior Citizen Saving Scheme is 8.2% per annum.
- Interest shall be payable on quarterly basis and applicable from the date of deposit to 31st March / 30th June / 30th September / 31st December.
- If the interest payable every quarter is not claimed by an account holder, such interest shall not earn additional interest.
- Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of SCSS account at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post Offices.
- Interest is taxable if total interest in all SCSS accounts exceeds Rs. 50,000/- in a financial year and TDS at the prescribed rate shall be deducted from the total interest paid. No TDS will be deducted if form 15 G/15H is submitted and accrued interest is not above prescribed limit.
Senior Citizen Saving Scheme Account Opening Form PDF
If you want to open Senior Citizen Saving Scheme account, then you can follow process here.
- First of all, go to official website indiapost.gov.in
- Once you open homepage, click "Post Office Savings Bank" tab.
- Then page showing Post office savings schemes will open.
- Click at "Senior Citizens Savings Scheme Account (SCSS) link".
- Link containing SCSS scheme description as well as to open form for SCSS scheme will open.
- Click "Forms available" link or https://www.indiapost.gov.in/VAS/Pages/Form.aspx#SavingBank
- Click at "Application Form for Opening of Account" link.
- Then Senior Citizen Saving Scheme application form PDF will open on your screen.
- You can download this SCSS form, take a printout, fill it manually and submit it at nearest post office branch to open your senior citizen saving scheme account.
Premature Closure for PO Senior Citizen Saving Scheme Account
- Account can be prematurely closed any time after date of opening.
- If account closed before 1 year, no interest will be payable and if any interest paid in account shall be recovered from principle.
- If account closed after 1 year but before 2 year from the date of opening, an amount equal to 1.5% will be deducted from principal amount.
- If account closed after 2 year but before 5 year from the date of opening, an amount equal to 1 % will be deducted from principal amount.
- Extended account can be closed after the expiry of one year from the date of extension of the account without any deduction.
Application Form for Premature Closure of SCSS account - https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/Premature.pdf
Account Closure on Maturity of SCSS Account
- Account may be closed after 5 year from the date of opening by submitting prescribed application form with passbook at concerned Post Office.
- In case of death of account holder, from the date of death, account shall earn interest at the rate of PO Savings Account.
- In case spouse is a joint holder or a sole nominee, account can be continued till maturity if spouse is eligible to open SCSS account and not have another SCSS Account.
Extension of Senior Citizen Saving Account
- Account holder may extend the account for further period for 3 years from the date of maturity by submitting prescribed form with passbook at concerned post office.
- Account can be extended within 1 year of maturity.
- Extended account shall earn interest at the rate applicable on the date of maturity.
Application Form for Extension of SCSS Account - https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/ExtensionRD.pdf
Minimum Amount to Open SCSS Account
As per the official Indian Post website, people shall make only one deposit in SCSS account in multiple of Rs. 1000. There shall be only one deposit in the account in multiple of Rs. 1000 maximum not exceeding Rs. 15 lakh.Maximum Balance that can be Retained in SCSS Account
The maximum balance which can be retained in SCSS account is Rs. 15 lakh. No senior citizen can make deposit of more than Rs. 15 lakh in the Senior Citizen Saving Scheme.
New Rules of Senior Citizen's Savings Scheme (SCSS)
Union Government has made some changes to the Senior Citizen's Savings Scheme (SCSS) through Senior Citizen's Savings (Fourth Amendment) Scheme. The amendments were notified on November 7, 2023. The following is a summary of the important changes introduced through the amendment.Premature Closure
As per the new rules, in case the account is closed before expiry of one year from the date of extension, an amount equal to one per cent of the deposit shall be deducted and the balance shall be paid to the account holder.Maturity
The deposit made at the time of opening of account shall be paid on or after the expiry of five years or after the expiry of each block period of three years where account was extended from the date of opening of account, on an application made in Form-3Account Extension
The account holder may extend the SCSS account for a further block period of three years by making an application in Form-4 within a period of one year from the date of maturity or from the date of end of each block period of three years.The extension of the account shall be deemed to have been made from the date of maturity or from the date of end of each block period of three years, irrespective of the date of application
Joint Account after Death of Primary Account Holder
In case of a joint account, or where the spouse is the sole nominee, the spouse may continue the account by applying to the accounts office, on the same terms and conditions as specified under this Scheme, if the spouse meets eligibility conditions under the Scheme on the date of death of the account holder.Interest on Extension
In case of an account extended after maturity, the deposit in such account shall earn interest at the rate applicable to the scheme on the date of maturity or on the date of extended maturity.If you want to get more details regarding SCSS account, go to official website indiapost.gov.in
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