Senior Citizens Saving Scheme

Online application facility is not available for SCSS. In order to open a SCSS account, the customer must visit the post office or bank branch and fill up the related form. The same form should be attached with KYC documents, age proof, ID proof, Address proof and cheque for deposit amount.

Yes, investments made in SCSS are eligible for income tax deduction benefits under the Section 80C of Income Tax Act, 1961.

Yes, any eligible candidate can open a senior citizen savings account with banks such as the State Bank of India. However, according to SBI's guidelines, a depositor can hold two or more SCSS accounts only if the deposits in all accounts taken together do not exceed Rs.15 lakh.

Any individual, above the age of 60, can open Senior citizen savings account accompanied by all the required documents.

While opening a joint SCSS account, the age of first depositor is supposed to be above 60 years. However, there is no age limit for the second applicant. The joint account can be opened only with the spouse. However, the entire amount in a joint account will be attributable only to the first account holder.

Yes, individual accounts can be opened as well, provided the deposit limit is a maximum of Rs.15 lakh. Of course, it has to adhere to the rules of the scheme.

Yes, tax deduction of up to Rs.1.5 lakh can be claimed under Section 80C of the Indian Tax Act, 1961.

Yes if the interest exceeds Rs.10,000 per annum, TDS is applicable. In this scheme, interest payments are no exemption to deduction of tax at source.

As per government regulations, tax has to be deducted at source as per the minimum balance.

No, a person holding a Power of Attorney cannot sign in place for the nominee in the nomination form.

Yes, the nominee can hold the account of the expired depositor in case of a death, provided it pertains to the SCSS Rules.

No fee is charged.

Periodic withdrawals for loans are not possible in this scheme as it defies the very nature of the scheme.