Friday, August 20, 2010 18:51 IST
The Senior Citizens Savings Scheme, 2004 (SCSS), was designed to meet the need of a regular flow of income for the senior citizens and retired persons with security of investment, liquidity of funds and operation convenience. Keeping in view of the above, higher rate of interest at 9 percent per annum is offered to all senior citizens under this scheme. Persons who are 60 years of age and above can make a deposit under the scheme. Those retired persons who are 55 years of age and above but below 65 years are also eligible to invest their retirement benefits subject to maximum deposit limit of Rs.15 lakh under the scheme.
Facility of loan or overdraft against the deposit would necessitate pledging of the deposit under this scheme. As a consequence, the subscriber of a pledged account will not be able to withdraw the interest amount periodically defeating the very purpose of the scheme.
This information was provided by the Minister of State for Finance, Shri Namo Narain Meena in reply to an Unstarred Question in Lok Sabha today. **** DSM/SKK
Higher Rate of Interest under Senior Citizens Saving Scheme
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Neither the "Report my Signal -Blogs" nor the individual authors of any material on these Blogs accept responsibility for any loss or damage caused (including through negligence), which anyone may directly or indirectly suffer arising out of use of or reliance on information contained in or accessed through these Blogs.
This is not an official Blog site. This forum is run by team of ex- Corps of Signals, Indian Army, Veterans for social networking of Indian Defence Veterans. It is not affiliated to or officially recognized by the MoD or the AHQ, Director General of Signals or Government/ State.
The Report My Signal Forum will endeavor to edit/ delete any material which is considered offensive, undesirable and or impinging on national security. The Blog Team is very conscious of potentially questionable content. However, where a content is posted and between posting and removal from the blog in such cases, the act does not reflect either the condoning or endorsing of said material by the Team.
Blog Moderator: Lt Col James Kanagaraj (Retd)
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