Saturday, March 9, 2019

SBI Senior Citizen Savings Scheme (SCSS): Eligibility, Interest Rate, Other Features

That assists in creating wealth for a prosperous retirement existence. In accordance with SBI's site -, a depositor may start the SCSS accounts either in person capacity or jointly with partner. There may be just 1 deposit at the SCSS accounts in several of Rs. 1,000 at which the maximum amount shouldn't exceed Rs. 15 lakh, according to the creditor's website.

An Person who has attained age 60 decades and over can open SCSS accounts with SBI. A person who has attained age 55 decades or longer but less than 60 decades and who has retired on superannuation may also open this account, based on SBI's site.

The retired Employees of judicial services (excluding civilian defence employees) no matter the specified age limitations subject to fulfilment of other defined conditions are eligible for opening SCSS account.

Interest levels

The Compounding of interest isn't permissible, based on SBI's web site.

Mode of residue



The depositor can Extend the Senior Citizen Savings Scheme (SCSS) accounts for a further period of 3 years following the maturity period of five decades.

Under SBI's SCSS accounts, the depositor can nominate a Individual or more than 1 individual, in the time of launching of this account or anytime later The launching of the accounts but prior to its closing, based on SBI's website. Nomination made by the depositor may alos be cancelled or Diverse.


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