Senior Citizen Savings Scheme

  • The Senior Citizens Savings Scheme comes into force on the 2nd day of August 2004.

  • Who can open a Senior Citizen Savings Account

                 Who has attained the age of 60 years or above on the date of opening of an account  and by  whom, or on whose behalf, money is deposited in an account.

 

              Who has attained the age of 55 years or more but less than 60 years, and who has retired under a voluntary retirement scheme or a special voluntary retirement scheme on the date of opening of an account, subject to the condition that the account is opened by such individual within three months of the date of retirement and a certificate from the employer, indicating the fact of retirement under such voluntary or special voluntary retirement scheme, retirement benefits, employment held along with period of such employment with the employer, is attached with the application form (FORM-A).

                       

  • How to open an account ?

                Any depositor may open an account at any deposit office by making an application in FORM -A alongwith the amount of deposit as per the pay-in-slip in FORM-D, duly filled in, alongwith age proof.

           

             A depositor may operate more than one account under these rules subject to the condition that the deposits in all accounts taken together shall not exceed the maximum limit as specified under rule 4 in the gazette notification: Provided that more than one account shall not be opened in the same deposit office during a calendar month
    

             

  • Deposits and withdrawals :-

     (1) There shall be only one deposit in the account in multiple of one thousand rupees not exceeding rupees fifteen lakh.
     (2) Except as provided in rule 9, 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.
     (3) The depositor may extend the account for a further period of three years by making an application in FORM-B to the deposit office within a period of one year after the maturity period of five years as specified in sub-rule (2).
     Explanation.- Extension of account under this sub-rule shall be deemed to have been made from the date of maturity irrespective of the date of application.
     (4) A deposit office shall, as soon as it comes to the notice that a deposit exceeds the ceiling prescribed under sub-rule (1), request the depositor in writing, to withdraw the excess deposit immediately
 

      For more information on this scheme please download the Gazette notification of Ministry of Finance dated 02nd August 2004.

Click here to download the Gazette Notification here