Senior Citizen Savings Schemes

senior-citizens-saving-scheme-indian-bureaucracy
senior-citizens-saving-scheme-indian-bureaucracy

Senior Citizens Saving Scheme, 2004 is a scheme of Department of Economic Affairs, Ministry of Finance and is operated through post offices and designated branches of banks. The following are the details of number of accounts being operated in various banks.

Sr.No Name of Bank No. of Accounts
1. Andhra Bank 2059
2. Bank of Baroda 49943
3. Punjab National Bank 25656
4. State Bank Hyderabad 4789
5. State Bank of India 59801
6. State Bank of Mysore 4179
7 . Syndicate Bank 2677
8. Union Bank of India 11619
9. Vijaya Bank 1189
Total   161912

The upper limit of investment under the Senior Citizen Savings Scheme, 2004 (SCSS) is: (i) rupees 15 lakh for those having attained the age of 60 years, (ii) the total amount of retirement benefits for those not having attained the age of 60 but retired on superannuation or otherwise as per the rules of the schemes. The rate of interest for SCSS, 2004 for the quarter 01.10.2016 to 31.12.2016 is 8.5%. The deposits made in the scheme are exempted from income tax under section 80C of Income Tax Act, 1961. However, the interest earned on the deposit is not exempted from income tax. Provisions of Tax Deduction at Source (TDS) are applicable to the Scheme.

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