Question: Where Can I Open A SCSS Account?

How do I open a SCSS account?

In order to open a SCSS account, the customer must visit the post office or bank branch and fill up the related form.

The same form should be attached with KYC documents, age proof, ID proof, Address proof and cheque for deposit amount..

Which bank is best for SCSS?

List of Banks which Offer SCSS AccountsAndhra Bank.State Bank of India.Bank of Maharashtra.Allahabad Bank.Bank of Baroda.Punjab National Bank.Indian Bank.Indian Overseas Bank.More items…

Is SCSS or Pmvvy better?

With SCSS, you get the tax benefit under Section 80C of the Income Tax Act. However, there is no tax benefit under PMVVY. The interest earned in POMIS is taxable. With SCSS, you can invest Rs 15 lacs each in your and your spouse’s name i.e. Rs 30 lacs in total.

Which bank is best for senior citizens?

From ICICI to HFDC to Axis Bank, all offer such savings accounts for their senior citizen customers with higher benefits. Here are some of the top savings accounts offered by top banks for senior citizens: ICICI Bank Seniors Club Savings Account – This ICICI Bank account is for customers above 60 years of age.

How safe is SCSS?

The Senior Citizens Savings Scheme (SCSS) offers the highest level of safety, along with a regular stream of income, and tax-saving benefits. … Senior Citizens Savings Scheme, unlike bank FDs, is backed by the government and is known to be more secure, as investments are held with the government.

Can SCSS be closed prematurely?

Can an account holder obtain loan by pledging the deposit / account under the SCSS, 2004? A. … Premature withdrawal / closure of the deposits from the accounts under the SCSS, 2004 has been permitted after completion of one year from the date of opening of theaccount after deducting the penalty amount as given below. A.

Can 15h be submitted in SCSS?

Taxation: Investments in SCSS is eligible for tax deduction under Section 80C of IT Act. … However, if income is not taxable, one has to provide from 15H or 15G to prevent TDS. Maturity period of investment is 5 years.

What is the senior citizen age for ladies?

58 yearsConcessions in fares are available for male senior citizens of minimum 60 years and female senior citizen of minimum 58 years, noted IRCTC. Passengers availing senior citizen concession have to carry a proof of age while travelling, said IRCTC.

Can I invest every year in SCSS?

The principal amount deposited in an SCSS account is eligible for tax deductions under Section 80C of the Income Tax Act, 1961, up to the limit of Rs. 1.5 Lakh. However, this exemption is applicable only under the existing tax regime. … 72,000 annually as interest from SCSS and her total income in a year amounts to Rs.

Can I transfer my SCSS account from post office to bank?

An account holder has the options to make a transfer of this SCSS scheme to a different bank account or a post office of their preference. A transfer form needs to be submitted for the same. The fee for this feature is negligible.

How much can I invest in SCSS?

FeaturesSCSSMaximum InvestmentRs 15 lakhInterest rate7.4%LiquidityPremature withdrawals are allowed by paying penaltyTax benefitInvestment is eligible for deduction under Sec 80C; deduction can be claimed on interest income under section 80TTBJun 4, 2020

Is SCSS tax free?

Investments in SCSS qualify for income tax exemption under Section 80C deduction up to Rs150,000 per financial year. However, interest received on SCSS is fully taxable in the hands of the recipient. TDS is applicable if interest is more than Rs50,000 per year.

Can SCSS be closed?

Premature withdrawal or closure of the SCSS account is permitted after completion of one year from the date of opening the account after deducting a penalty for early withdrawal or closure. The penalty varies from 1-1.5 per cent, depending on the completed tenure of the account.

Who can open SCSS account in post office?

As per the SCSS rules, an individual who has attained the age of 60 years on the date of opening of the account or 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 of an account are eligible to invest in SCSS.

Can I open SCSS account in HDFC Bank?

The bank simply requires that you provide your identity proof and your address proof along with a few of your latest passport size photographs. This can be done at the nearest branch of the bank of your choice.

Can SCSS be opened in banks?

An SCSS account can be opened in any post office or a public sector bank in India. The minimum amount that can be invested is Rs 1,000. The maximum amount is Rs 15 lakh. To open a open SCSS account, senior citizens can visit the post office or bank branch and fill up the form.

Can husband and wife both invest in SCSS?

A senior citizen can invest up to Rs 15 lakh in an SCSS account. This account can be held jointly with one’s spouse. … So, a total of Rs 30 lakh can be invested by you and your wife in two jointly-held accounts. The five-year tenure of the scheme can be extended by three years.

How many accounts can be opened under SCSS by a senior citizen?

Multiple Accounts- An individual can open multiple Senior Citizen Savings Scheme accounts, individually or as a joint investor. The other investor must be the spouse of the primary investor. Amazing Returns-At the rate of 8.7 percent/year, the returns on the SCSS are very satisfying.

How much money can be deposit in post office?

Single account holders can deposit a maximum of Rs one lakh while joint account holders can deposit a maximum of Rs two lakhs. One of the main features of a Post Office savings account is that there is no lock-in or maturity period.