Here's A List of all Features of Senior Citizen's Savings Schemes available in India. Like - Interest Rates, Maturity Period, Age, TDS, Withdrawal Issues etc.
Salient Features:
- Interest @ 9.2% per annum from the date of deposit on quarterly basis w.e.f. 01-04-2013
- Minimum deposit is Rs 1000 and multiples thereof. Maximum limit of 15 lakhs.
- Maturity period is 5 years and can be extended for a further period of 3 years.
- Age should be 60 years or more, and 55 years or more but less than 60 years who has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.
- No age limit for the retired personnel of Defence services provided they fulfill other specified conditions.
- The account may be opened in individual capacity or jointly with spouse.
- TDS is deducted at source on interest if the interest amount is more than Rs 10,000/- per annum.
- Investment up to Rs 1,00,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
- Interest can be automatically credited to savings account provided both the accounts stand in the same post office.
- Premature closure is allowed after one year on deduction of 1.5% of the deposit and after 2 years on deduction of 1%.
- No withdrawal permitted before the expiry of a period of 5 years from the date of opening of the account.
- Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account.
