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SENIOR CITIZENS SAVINGS SCHEME

Government of India have decided to operate the scheme through all branches of Public Sector Banks which are operating PPF Scheme, 1968.

  • Any senior citizen may open an account under the Scheme at any authorized post office or bank branch by making an application in Form A along with the amount of deposit in multiple of one thousand rupees, along with age proof.
  • A depositor may operate more than one account subject to the condition that deposits in all accounts taken together shall not exceed the maximum limit of Rs.15 lakh and provided that deposits by depositors shall be restricted to the retirement benefits or Rupees fifteen lakh whichever is lower.
  • A depositor may open the account in individual capacity or jointly with spouse.

  • An individual who has attained the age of 60 years and above on the date of opening of an account.
  • who has attained the age of 55 years or more but less than 60 years and who has retired on superannuation or otherwise on the date of opening an account subject to the condition that the account is opened by the individual within one month of the date of receipt of the retirement benefits.
  • who has retired at any time before the commencement of these rules and attained the age of 55 years or more on the date of opening of an account,
  • Defence Personnel (excluding Defence Civilian employees) retired on superannuation, irrespective of the above age limits subject to fulfilment of other specified conditions.

  • There shall be only one deposit in the account in multiple of one thousand rupees not exceeding rupees fifteen lakhs.
  • No withdrawal shall be permitted under these rules before the expiry of a period of five years from the date of opening of an account.

    • The depositor may extend the account for a further period of three years after the maturity period of five years. An application in Form B should be made within a period of one year after the date of maturity period.

    In case of an account, continued after maturity under sub-rule (3) of rule 4, the deposit in such account shall earn interest at the rate applicable to the new accounts opened or to be opened under the provisions of these rules on the date of maturity.

    • The Rate of Interest varies from time to time.Interest shall be payable from the date of deposit to 31st March/30th June/30th September/31st December on 1st working day of April /July/October/January as the case may be in the first instance and thereafter, interest shall be payable on 1st working day of April/July/October/January.

    • The depositor may nominate a person or persons, at the time of opening of the account or at any time after the opening of the account but before its closure, by an application on Form C accompanied by the passbook to the Branch.
    • Nomination made by the depositor can be cancelled or varied.

      • The deposit made at the time of opening of account shall be paid by the concerned deposit office after the expiry of five years from the date of opening of the account on production of the passbook accompanied by a written application (withdrawal form) in Form E.
      • In case the depositor does not close the account on maturity and also does not extend the account, the account will be treated as matured and the depositor will be entitled to interest at the rate applicable to the deposits under post office savings account during the post maturity period.
      • In case of death of the depositor before maturity the account shall be closed and deposit refunded on application in Form F along with interest to the nominee or legal heirs in case the nominee has also expired or nomination was not made as per rules.
      • If the total amount including interest payable is upto rupees one lakh it may be paid to the legal heirs on production of

    1. letter of indemnity
    2. an affidavit
    3. a letter of disclaimer on affidavit
    4. a certificate of death of the depositor on stamped paper in the form as in Annexure to Form F.

    • On an application in Form E the depositor may be permitted to withdraw the deposit and close the account at any time after the expiry of one year from the date of opening of the account subject to the following conditions :-
    • In case the account is closed after the expiry of one year but before the expiry of two years from the date of opening of the account, an amount equal to one and half percent of the deposit shall be deducted and the balance paid to the depositor.
    • In case the account is closed on or after the expiry of two years from the date of opening of the account, an amount equal to one percent of the deposit shall be deducted and balance paid to the depositor.
    • Transfer of SCSS accounts from one Agency Bank to another Agency Bank/Post Office is permitted as per RBI Circular No.DGBA.CDD.H11029/15.15.001/2007-08 dated 17th April, 2008.
    • Non Resident Indians (NRIs), Persons of Indian Origin (PIO) and Hindu Undivided Family (HUF) are not eligible to open an account under the Scheme.

    NRI's are not eligible to open an account under these rules.

    Hindu Undivided Family is also not eligible to open an account under these rules

    The deposit under these rules may be made :

    • In cash, if the amount of deposit is less than rupees one lakhs
    • By cheque or demand draft drawn in favour of the depositor and endorsed in favour of the deposit office.

    In case of death of the depositor before maturity the account shall be closed and deposit refunded on application in Form F alongwith interest to the nominee or legal heirs in case the nominee has also expired or nomination was not made as per rules.

    If the total amount including interest payable is upto rupees one lakh it may be paid to the legal heirs on production of

    • letter of indemnity
    • an affidavit
    • a letter of disclaimer on affidavit
    • a certificate of death of the depositor on stamped paper in the form as in Annexure to Form F.

    On an application in Form E the depositor may be permitted to withdraw the deposit and close the account at any time after the expiry of one year from the date of opening of the account subject to the following conditions :-

    • In case the account is closed after the expiry of one year but before the expiry of two years from the date of opening of the account, an amount equal to one and half percent of the deposit shall be deducted and the balance paid to the depositor.
    • In case the account is closed on or after the expiry of two years from the date of opening of the account, an amount equal to one percent of the deposit shall be deducted and balance paid to the depositor.

    Andhra Pradesh
    Secunderabad - M.G. Road Branch

    Gujarat
    Gandhinagar and Gandhidham Branches

    Karnataka
    Bangalore-IFB and Mangalore Punja Arcade Branches

    Kerala
    Thiruvananthapuram Main Brannch

    Tamil Nadu
    Coimbatore-IFB

    Online Savings Account Opening

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