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Tuesday, December 2, 2014

Extending Senior Citizens Savings Scheme account?

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How to extend the SCSS account

The Senior Citizens' Savings Scheme (SCSS) is meant for Indian citizens who are 60 years of age or more. It is a five-year deposit scheme, which pays interest on a quarterly basis.The maximum amount that can be invested by an individual, or jointly with another holder, is `15 lakh. On maturity of the SCSS account, its tenure can be extended by another three years.

Extension

To extend the account for three years, the holder is required to submit an application, Form B. This has to be submitted one year in advance from the date of maturity of the original five-year deposit. The Form B can be downloaded online or can be obtained from the bank post office where the account holder maintains the SCSS account.

Applicability

The account is extended on maturity after five years, irrespective of the date of application for the extension.

Rate of interest

The rate of interest for the extended term of three years is in accordance with the prevailing interest rate on the date of maturity. This rate will be applicable for the new SCSS deposit.

No automatic extension

If the depositor neither closes the account on maturity nor requests for extension within one year, the account shall be considered as matured.

Points to note

Once the original account has been extended for a period of three years, it cannot be extend ed again. The account shall be closed immediately.

If the SCSS account holder wishes to close the account, he can do so by submitting Form E.



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