Senior Citizen Savings Scheme 2023 Online Apply | Senior Citizen Savings Scheme Check Bank Account Types | Senior Citizen Savings Scheme View Interest Rate | Senior Citizen Savings Scheme Check Maturity Period & All Details |
The central government has launched the SCSS so that the senior citizens may be able to get a post office savings bank by the government for saving the whole investment of their life. This will only be applicable to those old citizens who have retired from their office services. This will emphasise providing social security provisions to the old citizens.
Today through this article we will provide you with all types of information about the Senior Citizen Saving Scheme 2023 like Purpose, Eligibility Criteria, Benefits, Features and important Documents etc. Apart from this, we will share with you the process of applying online under this scholarship. To get complete information about this scholarship initiative, read this article till the end.
Senior Citizen Saving Scheme 2023
For providing savings bank accounts to the old citizens, the government has launched the Senior Citizen Saving Scheme so that they will be able to save their lump sum amount of investment after getting retired from their office services. This savings account will offer various high-interest charges to the depositor for depositing the amount and some of the tax will also be applicable to him.
SCSS has been launched to provide social welfare to the old citizens so that they will be able to secure their future after getting retired from their job service. For the facilitation of easy depositing of the money, the government has also offered online mobile banking apps which will provide him with the suitability to transfer or check the remaining amount in their bank account.
Highlights Of SCSS
The highlights of this scheme are as follows: –
| Name Of The Scheme | Senior Citizen Saving Scheme |
| Known As | Senior Citizen Saving Yojana SCSS |
| Launched By | Post Office Bank |
| Launched under | Central Government |
| Delegated Ministry | Ministry of Posts |
| Allocated Portal | India Post Portal |
| Objective | To provide bank services to the old citizens |
| Benefit | Senior citizens will be able to save their investment |
| Delegated Department | Department of Posts |
| Applicable To | Citizens of India |
| Beneficiaries | Senior Citizens |
| Mode Of Transfer | DBT (Direct Benefit Transfer) |
| Payment Mechanism | e-payment mechanismPFMS System |
| Form of Benefit | Savings Bank Account |
| Types Of Bank Accounts | Post Office Savings Account National Savings Recurring Deposit Account National Savings Time Deposit Account National Savings Monthly Income Account Senior Citizen Savings Scheme Account Public Provident Fund Account National Savings Certificate Account Kisan Vikas Patra Account Sukanya Samriddhi Account |
| No. of bank accounts | 9 |
| Amount of benefit | Variable Assistance |
| Scheme Type | State Government Scheme |
| Hosting Site | National Information Center (NIC) |
| Mode Of Application | Online |
| Mobile App | IPBB Mobile App |
| Mobile App Link | Click Here |
| Office Address | Department of Posts Dak Bhawan, Sansad Marg New-Delhi-110001 |
| Toll-Free No. | 18002666868 |
| Email Id | [email protected] |
| Official Website | www.indiapost.gov.in |
Objectives Of Senior Citizen Saving Scheme
The primary objective of launching the SCSS is to provide some sort of help and support to the citizens who are getting old and also have retired from their offices. This will provide them with some encouragement and enhancement for saving their amount of investment to their relevant bank account numbers.
Another objective of launching the Senior Citizen Saving Scheme is to provide life-living support by which the old city will be able to contribute some form of financial support to themselves by saving their own money to the savings account offered by the government. Citizens will not depend upon their siblings for carrying out their financial needs.
Facilitation Of Mobile App
For providing ease to the account holders or beneficiaries, especially in the case of old or senior citizens, the government has provided mobile banking apps by which the citizens will not be required to visit the bank for carrying out banking transactions. Beneficiaries will need to download the IPBB app for transferring and depositing the amount or funds.
List Of Facilities
The list of facilities offered under the scheme are as follows:-
- Time Deposit (TD)
- Public Provident Fund (PPF)
- Sukanya Samriddhi Account
- Senior Citizen Savings Scheme (SCSS)
- Recurring Deposit (RD)
- National Saving Certificate (NSC)
- Kisan Vikas Patra (KVP) )
- Monthly Income Scheme (MIS)
Types Of Bank Accounts
The different types of bank accounts are as follows:-
- Post Office Savings Account
- National Savings Recurring Deposit Account
- National Savings Time Deposit Account
- National Savings Monthly Income Account
- Senior Citizen Savings Scheme Account
- Public Provident Fund Account
- National Savings Certificate Account
- Kisan Vikas Patra Account
- Sukanya Samriddhi Account
Fee Applicable
Fee applicable to the other services are as follows:-
| Issuance Of Duplicate Passbook | Rs. 50/- |
| Receiving Deposit Receipt | Rs. 20/- |
| Issuance of Lost Passbook | Rs. 10/- |
| Cancellation Of Registration | Rs. 50/- |
| Account Transfer from one bank branch to another | Rs. 100/- |
| Issuance of Cheque Book | No fee Applicable |
Amount Depositing Minimum Limit
The minimum amount applicable for depositing are as follows:-
| Account Type | Minimum Limit |
| Post Office Savings Account | Rs. 500/- |
| National Savings Recurring Deposit Account | Rs. 100/- |
| National Savings Time Deposit Account | Rs. 1000/- |
| National Savings Monthly Income Account | Rs. 1000/- |
| Senior Citizen Savings Scheme Account | Rs. 1000/- |
| Public Provident Fund Account | Rs. 500/- |
| National Savings Certificate Account | Rs. 1000/- |
| Kisan Vikas Patra Account | Rs. 1000/- |
| Sukanya Samriddhi Account | Rs. 250/- |
Account Wise Maturity Period
The account-wise maturity period details are as follows:-
| Account Type | Maturity Period |
| Post Office Savings Account | – |
| National Savings Recurring Deposit Account | 5 Years |
| National Savings Time Deposit Account | 1 to 5 Years |
| National Savings Monthly Income Account | 5 Years |
| Senior Citizen Savings Scheme Account | 5 Years |
| Public Provident Fund Account | 15 Years |
| National Savings Certificate Account | – |
| Kisan Vikas Patra Account | To be determined by the Finance Ministry |
| Sukanya Samriddhi Account | After 15 Years |
Account Wise Interest Rate
The account-wise interest rate details are as follows:-
| Account Type | Interest Rate |
| Post Office Savings Account | 4% |
| National Savings Recurring Deposit Account | – |
| National Savings Time Deposit Account | 5.5% to 6.7% |
| National Savings Monthly Income Account | – |
| Senior Citizen Savings Scheme Account | – |
| Public Provident Fund Account | – |
| National Savings Certificate Account | 6.8% |
| Kisan Vikas Patra Account | 6.9% |
| Sukanya Samriddhi Account | 7.6% |
Important Guidelines
Some of the important guidelines issued by the government are as follows:-
- Applicants will need to go through the details such as the terms & conditions mentioned before opening any kind of bank account.
- Checking eligibility criteria and fulfilling these are mandatory.
- Before opening the bank account, consider the investment conditions applicable to it.
- The minimum and maximum limit of depositing an amount or fund will be varying from one type of bank account to another.
- The account of the beneficiary will get deactivated in case the account holder has not deposited the minimum amount.
Benefits Of SCSS
The benefits of this scheme are as follows:-
- Old and senior citizens will be able to secure their future after getting retired from the office.
- Old citizens will not need to depend upon their sons or daughters after getting applied under the Senior Citizen Saving Scheme.
- There are 9 kinds of bank accounts which will be offered to the applicant before the opening of the bank account.
- For providing ease to the applicant, the government has also launched the MobileBanking App.
- With the use of the IPBB App, bank account holders will not need to visit the bank for carrying out banking transactions.
- This will provide them with a long-term investment plan.
- Various facilities will be provided to the applicant after the opening of the bank account.
- Citizens can deposit a minimum amount as per the norms and conditions set up by the bank officials as per their financial stability.
- SCSS will provide the highest interest rate to the applicant who has opened a bank account.
- This will provide the social security provisions or welfare to the old or senior citizens.
Features Of Senior Citizen Saving Scheme
The features of this scheme are as follows:-
- The Department of Posts has launched the SCSS.
- This will provide 9 types of bank accounts for the senior citizens for opening.
- Senior citizens will be able to open savings bank accounts for themselves by visiting the post office.
- Citizens will need to follow or abide by Section 80C of the Income Tax Act.
- The Interest Rate is fully taxable.
- Some fees will be applicable to the beneficiaries for carrying out bank services such as issuing duplicate passbooks, issuing cheque books and cancellation of enrollment.
- The minimum or maximum amount to be deposited by the account holder will be varying based on the account type that the applicant may be holding.
- The maturity period and Pre-maturity period may vary from one account type to another.
- Some rate of interest will be applicable to the beneficiaries of the Senior Citizen Saving Scheme.
- For getting more information, applicants will need to visit the official website.
Eligibility Criteria
The applicants will need to possess the mentioned-below points for getting online registration under this scheme:-
- The applicant must be a permanent citizen of India.
- The applicant must be a senior or old retiring from his/her office.
- The age of the applicant must be 60 years.
Important Documents
Some of the important documents to apply online under this scheme are as follows:-
- Aadhar Card
- DOB certificate
- Annual Income Certificate
- Latest Passport Size Photograph
- PAN Card photocopy
- Bank accounts details
- Residence Certificate issued by the governmental authorities
- Working mobile number
- Active Email Id Address
Process To Apply Offline Under Senior Citizen Saving Scheme
The applicants will need to follow the mentioned below points for getting offline registration under this scheme:-
- In the first step, you will need to visit the Post Office Bank.
- Bring all the necessary and important documents with you.
- Now claim the Senior Citizen Saving Scheme Application Form from the bank official.
- Now fill all the asked details on each column carefully.
- Then attach all the important documents with it.
- After that submit the filled form to the same counter from where you have received this application form.
Getting Contact Details
The applicants will need to follow the mentioned below points for getting contact details on the portal:-
- For getting contact details, you will need to visit the Official Website first.
- Now you will be able to see the homepage on your screen.
- Click on the Help & Support Tab.
- Then click on the Contact Us link.
- The contact details will get displayed on your screen.
- Now you can go through the details.
Contact Information
In case any queries and questions come to your mind regarding the Senior Citizen Saving Scheme, then you may contact this mentioned office address, email Id, and toll-free number:-
- Office Address:-
- Department of Posts
- Dak Bhawan,
- Sansad Marg
- New-Delhi-110001
- Email Id:- [email protected]
- Toll-Free Number:- 18002666868