Senior citizens looking for reliable investment tools during their golden days can look for investing in Senior Citizens Savings Scheme (SCSS). Backed by the Government of India, this savings scheme offers lucrative interest rates, and one can invest up to Rs 30 lakhs in this SCSS.
You can open your SCSS account through any bank or post office. However, here we will discuss how to open SCSS account in SBI.
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SCSS account with SBI
Senior citizens aged 60 years or above can open their SCSS account with India’s largest public sector lender – State Bank of India (SBI) after meeting certain criteria.
SCSS SBI interest rate
The interest rate is fixed at 8.20% per annum with effect from 01.04.2023. However, senior citizens must note that if they do not claim the interest which is payable every quarter, their interest shall not earn additional interest.
SCSS account in SBI features
Deposit: As per SBI’s website, “The account shall be opened with a minimum deposit of one thousand rupees or any sum in multiple of one thousand rupees not exceeding Rupees Rs 30 Lakhs w.e.f. 01.04.2023.”
Meanwhile, senior citizens can extend the account for a further period of three years after the maturity period of five years.
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SCSS account in SBI features
Deposit: As per SBI’s website, “The account shall be opened with a minimum deposit of one thousand rupees or any sum in multiple of one thousand rupees not exceeding Rupees Rs 30 Lakhs w.e.f. 01.04.2023.”
Meanwhile, senior citizens can extend the account for a further period of three years after the maturity period of five years.
An individual who has attained the age of 55 years or more but less than 60 years and who has retired on superannuation or otherwise on the date of opening an account. The retired personnel of Defence Services attaining the age of fifty years are eligible for opening SCSS account in SBI.
However, NRI’s & Hindu Undivided Family are not eligible to open an account under these rules.
