Hi I would like to have the detailed information about the Senior Citizen Deposit Scheme With State Bank of India?

Senior Citizen Savings Scheme (SCSS) is a five year plan which was presented in the Oct 2004. This plan gives enthusiasm at around 9% p.a at quarterly interim, which is assessable. The SCSS is sheltered as the plan is sponsored by the Government of India, making it absolutely chance free with ensured returns.

Who can contribute?

As the name recommends SCSS is for Senior Citizens. The speculation might be opened by an individual,in singular limit or mutually with life partner, if

One has accomplished age of 60 years or above on the date of opening of the record.

One has accomplished the age 55 years or more yet under 60 years and has resigned under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the record inside of three months from the date of retirement. The record must be opened by such individual inside of three months of the date of retirement.

There is No age limit for the resigned work force of Defense services(excluding Civilian Defense Employees) if they satisfy other determined conditions.

The Senior Citizen Savings Scheme record can not be opened by Non-Resident Indians (NRI), Persons of Indian Origin (PIO) and Hindu Undivided Families (HUF).

What is the greatest sum or least sum that can be put resources into SCSS?

The greatest sum that can be stored in senior subject sparing plan (SCSS) is limited to the retirement event got by the individual or Rs. 15 Lakh (whichever is lower).

Least sum is Rs 1,000. Any sum between Rs. 1,000 and Rs. 15 Lakhs can be put resources into products of Rs. 1,000.

Wellspring of Funds to be put resources into SCSS?

To put resources into Senior Citizen Savings Scheme

For individuals somewhere around 55 and 60 years old, the sum put resources into SCSS needs to originate from their retirement advantages and that too inside of three months of retirement.

For persons beyond 60 years old years, there is no confinement on the wellspring of assets to be contributed.

Retirement advantages with the end goal of SCSS Rules have been characterized as any installment because of the investor by virtue of retirement whether on superannuation or generally and incorporates Provident Fund levy, retirement/superannuation tip, drove estimation of annuity, money likeness leave, reserve funds component of Group Savings connected Insurance plan payable by business to the worker on retirement, retirement-cum-withdrawal advantage under the Employees' Family Pension Scheme and ex-gratia installments under a willful retirement plan.

What is the term of SCSS? then again When does SCSS develops?

The Senior Citizen's Savings Scheme has a development of 5 years from the date of opening the record and it can be reached out by 3 years by filling Form B.

Who chooses the loan cost in SCSS?

Loan cost on Senior Citizen Saving Scheme is chosen by the Govt of India and it continues changing each year. The Interest Rate on Senior Citizen Saving Scheme for the monetary year 2014-15 is 9.2% p.a. Loan cost on SCSS after some time is given underneath

Period Interest Rate

29.10.2004 to 31.03.2012 9.00% per annum

01.04.2012 to 31.03.2013 9.30% per annum

01.04.2013 onwards 9.20% per annum