My father is now 58 years old and thus a neighbour asked him to open an SCSS or Senior Citizen Saving Scheme account so that he can save money as much as possible. I did not know anything about it or even the SCSS eligibility so I too asked more details about it. My father said it can be opened by individuals who are 55 years old or above but below 60 years and have retired on superannuation. I got to know about some more details so let me tell you about them as well.
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Who is eligible for SCSS?Let me tell you some more eligibility criterias here apart from the ones mentioned above:
Non-Resident Indians or NRIs are not eligible to opt for opening this account
Hindu Undivided Families or HUF are not eligible to open an SCSS account
These are two more points that are to be added in the SCSS scheme eligibility criteria list. It is very important to know these before you apply for this scheme.
You can apply for any other senior citizen schemes since there are many so just ask the officials about it. My uncle thought that the Senior Citizen Saving Scheme eligibility can be evaded but no. The officials shall not hear any word from you if you do not abide by these rules.
What is the Interest Rate for an SCSS account?The interest rate for an SCSS account is currently 7.4% p.a.
How much money can be deposited in this account?The maximum amount that can be deposited in this account is Rs 15 Lakh.
I hope these details are enough to answer SCSS eligibility and more related details
Read More:Can a senior citizen invest in both SCSS and PMVVY?
Can a senior citizen open PPF account in a bank?
Which bank is best for fix deposit for senior citizen?
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Who Is Eligible For SCSS?
Anjan76
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2 Year
2022-08-30T09:40:06+00:00 2022-08-30T09:40:07+00:00Comment
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