SENIOR CITIZENS’ SAVINGS SCHEME, 2019
Sl. SALIENT HIGHLIGHTS OF THE SCHEME
No. FEATURES
1 Eligibility A resident individual may open an account in individual
capacity, or jointly with spouse.
a. An individual who has attained the age of 60 years and
above.
b. 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 an account.
c. The retired personnel of Defence Services attaining the
age of 50 years.
NRI's & Hindu Undivided Family are not eligible to open an
account under this scheme.
2 Nomination Nomination facility is available, maximum four.
Nomination made by the depositor can be cancelled or varied,
charges applicable.
3 Deposit The account shall be opened with a minimum deposit of Rs
1000/- or any sum in multiple of Rs 1000/- not exceeding Rs 15
lakhs, in one or multiple accounts.
*For individuals less than 60 years, can deposit their
retirement benefit or 15 Lakhs whichever is lower within one
month from the date of receipt of retirement benefit.
4 Rate of 7.4 % per annum w.e.f. 01.04.2020; Calculated and Payable
Interest quarterly and attract TDS as per IT rules.
If the interest payable every quarter is not claimed by an
account holder, such interest shall not earn additional interest.
5 Tenure of the Maturity period is 5 years.
Deposit After maturity the account can be extended for a further
Period of 3 years, one time only.
6 Premature Available.*
closure facility
7 Website For latest instructions /modifications in the scheme, visit
www.nsiindia.gov.in
*Subject to condition.
