Investment made eligible for tax rebate under 80C upto Rs 1.5 lakhs.
Higher Rate of Interest for Senior Citizens.
Account Extension facility available.
Quarterly interest payable.
Minimum deposit is Rs 1000/- & Maximum deposit is Rs 30,00,000/- in a Financial Year.
Multiple accounts may be opened within the maximum deposit limit. (Rs. 30,00,000/-).
The duration of the account is 5 years and Can be extended for a further period of 3 Years (within 1yr from date of maturity).
TDS Exempted on submission of Form 15G/H by the SCSS account holders as per scheme guidelines.
Nomination facility is allowed for one or more individuals but not exceeding four individuals.
Account can be opened both online mode (through net banking/mobile banking (ai1)) and offline mode (in bank branches).
Transfer of Account facility available as per scheme guidelines.
Premature Closure available as per scheme guidelines.
A resident individual (in Individual capacity or jointly with spouse) :
Who has attained the age of 60 years and above.
Who has attained the age of 55 years or more but less than 60 years (As per scheme guidelines)
The retired personnel of Defence Services attaining the age of 50 years.
Exemption -NRI's & Hindu Undivided Family.
8.20 % per annum w.e.f 01.04.2023 till further revision, interest payable quarterly (on first working day of subsequent month) (TDS deduction at source as per scheme guidelines).
Photograph of depositor/s (2 copies).
Proof of identity and address as per KYC Norms- Only the following documents will be acceptable (for individuals):
Voter Identity Card issued by the Election Commission of India.
Job card issued by NREGA duly signed by an officer of State Government.
Letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number.
NRI’s & HUFs are not eligible.
Maximum Deposit Amount shall not exceed Rs 30,00,000/- in a financial year.
There shall be only one time deposit in account.
TDS applicable on interest earned.
Extension of account is permitted only once for a period of 3 years.
Premature closure is allowed only after one year of opening the account. However, a 1.5% charge and a 1% charge of the total amount deposited will be charged in case of premature withdrawals after one year and two years, respectively.