Senior Citizen Savings Scheme

Senior Citizen Savings Scheme : Benefits

Senior Citizen Savings Scheme : Features

Eligibility
  • Senior citizens aged 60 years and above are eligible for this scheme. The scheme is also applicable to individuals above 55 years of age but less than 60 years retired under voluntary or special voluntary scheme and 50 years for the retired personnel of defence services (excluding Civilian Defence employees).
Eligibility
  • Senior citizens aged 60 years and above are eligible for this scheme. The scheme is also applicable to individuals above 55 years of age but less than 60 years retired under voluntary or special voluntary scheme and 50 years for the retired personnel of defence services (excluding Civilian Defence employees).
Minimum and maximum deposit limit
  • The account shall be opened with a minimum deposit of Rs. 1,000 or any sum in multiples of Rs. 1,000 not exceeding Rs. 30,00,000.
Tenure
  • The tenure of the deposit is 5 years and can be further extended by 3 years.
Premature withdrawal
  • The account holder may withdraw the deposit and close the account at any time subject to the certain conditions.
Nomination facility
  • Depositors should appoint a nominee or nominees under this scheme.
Account renewal
  • After the completion of 5 years term, the account can be extended for a further block of 3 years within a period of one year from the date of maturity or from the date of end of each block period of 3 years.

Senior Citizen Savings Scheme : Documents Required

As per Gazette Notification dated 31.03.2023- Government Savings Promotion General (Amendment) Rules, 2023 submission of Aadhaar Card and Pan Card is mandatory for New & Existing Customers.