• 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).
  • Application form.
  • Photograph of depositor/s (2 copies).
  • Proof of identity and address as per KYC Norms- Only the following documents will be acceptable (for individuals):
    • Passport.
    • Driving License.
    • PAN Card.
    • 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.

You can apply through following modes :

  • Online Mode :
    • Internet Banking
    • Mobile Banking App
  • Offline Mode :
    • Visit nearest branch of Canara Bank
    • To redirect on the login page, please Click Here
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Last updated on 29-09-2023 12:11 PM

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