Senior Citizen Savings Scheme 2020 | SCSS Interest Rate, Eligibility, Benefits

Senior Citizen Savings Scheme

Senior Citizen Savings Scheme 2020 | SCSS Interest Rate, Eligibility, Benefits: The Indian government announced the Senior Citizen Savings Scheme for the old people who have an age of above 60 years. The amount deposited will matures after the time of 5 years from the account opening date. The rate of interest for 15 months from April to June 2020 is 7.4%. No other scheme will provide more interest rate than the Senior Citizens Savings Scheme in the country. There are certain Indian Post Offices, Government and private banks collaborated to provide the facilities of Senior Citizens Savings Scheme. Applicants must meet the terms and conditions of the banks or post offices to open the Senior Citizens Savings Scheme Account.

Senior Citizen Savings Scheme 2020 – Overview

Name of the SchemeSenior Citizens Savings Scheme
Announced byAll India
BenefitsHigh Rate of interest for their deposit
CategoryGovt Schemes
Mode of ApplicationOffline
BeneficiariesSenior Citizens of India

Senior Citizens Savings Scheme Eligibility Guidelines

  • Any resident with the age of above 60 years will be eligible for the Senior Citizens Savings Scheme Account.
  • The people who have 55 years and retired under the applicable superannuation or VRS rules also eligible for the Senior Citizens Savings Scheme. In that situation, the candidates should open the account within 1 month of the retirement benefit’s receipt.
  • The people who retired under the defense can also apply for the Senior Citizens Savings Scheme Account.
  • The Senior Citizens Savings Scheme is not applied for the Non-Resident Indians (NRIs) and Person of Indian Origin (PIOs).
  • The people belong to the Hindu Undivided Family are not eligible for the Senior Citizens Savings Scheme.

Senior Citizens Savings Scheme Interest Rates

From April to June 2020, the rate of interest is highly 7.4%. This is the first quarter of the year 2020-2021. The Ministry of Finance will check the rate of interest every quarter. The Senior Citizens Savings Scheme deposit’s interest is also calculated and credited for every quarter. There are a list of interest rates for the Senior Citizens Savings Scheme account is as below:

Time PeriodInterest Rate (% annually)
April to June (Q1 FY 2020-21)7.4
January to March (Q4 FY 2019-20)8.6
October to December 2019 (Q3 FY 2019-20)8.6
July to September 2019 (Q2 FY 2019-20)8.6
April to June 2019 (Q1 FY 2019-2020)8.7
January to March 2019 (Q4 FY 2018-2019)8.7
October to December 2018 (Q3 FY 2018-19)8.7
July to September 2018 (Q2 FY 2018-19)8.3
April to June 2018 (Q1 FY 2018-19)8.3
January to March 2018 (Q4 FY 2017-18)8.3
October to December 2017 (Q3 FY 2017-18)8.3
July to September 2017 (Q2 FY 2017-18)8.3
April to June 2017 (Q1 FY 2017-18)8.4

Senior Citizens Savings Scheme Benefits

  • The Senior Citizens Savings Scheme has an association with the Government schemes in India.
  • Through the Senior Citizens Savings Scheme, the candidates will get the annual high rate of interest up to 7.4%. It is the highest interest rate.
  • The maturity period for the Senior Citizens Savings Scheme is 5 years from the date of account opening. It will be extended to another 3 years if necessary.
  • The person can invest the amount in the form of multiplies of Rs.1000. The maximum limit is Rs.15 lakhs.
  • The candidates can withdraw the amount before the maturity date with a certain penalty.
  • The people can easily get an account in the post offices or designated banks in India.

How to Get Senior Citizens Savings Scheme Application Form?

  • The candidates can download the application form from the official website and also will receive from the Post Office.
  • After getting the application form, take a printout of it.
  • Enter all the required details in the form and submit it with the necessary documents.
  • The application form of the Senior Citizens Savings Scheme needs some details like name of the applicant, PAN card, primary applicant’s father or mother or husband or wife name and name, age, address of spouse if it is joint Senior Citizens Savings Scheme account.
  • The applicant also requires a cheque or demand draft amount and number of needs.
    Name, age, and address of nominee in case of having more than one nominee.
To Check Senior Citizen Savings Scheme 2020 Details & Download Application Form: Click HERE

All the details about the Latest Senior Citizen Savings Scheme 2020 are shared in this article. To find more such Useful resources, do not forget to check our site Freshers Now regularly.

Senior Citizen Savings Scheme 2020 – Frequently Asked Questions

What is the Senior Citizens Savings Scheme?

The Government of India started a Scheme for the old people in India. The senior citizens who crossed the age of 60 years will get a high-interest rate on their deposits.

Who are eligible for the Senior Citizens Savings Scheme?

The Senior Citizens of India who have more than 60 years, the people with above 55 years but retired under superannuation or VRS rules and also the people retired under defense are eligible for the Senior Citizens Savings Scheme.

What is the mode of application for the Senior Citizens Savings Scheme?

The candidates can apply for the Senior Citizens Savings Scheme through an offline process by opening an account in the post offices or designated banks in India. The application form can be available at the official website or in the bank or post offices.

What is the benefit of the Senior Citizens Savings Scheme?

The candidates can get an interest rate of highly 7.4%. And also the maturity period will be 5 years from the account opening date. The maturity period can be extended to another 3 years.

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