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SCSS Accounts

 
 
 
  • An individual who has attained the age of 60 years & above can open SCSS account.
  • On superannuation, retired personnel of 55 years & more can open SCSS account. (has retired on superannuation or otherwise on the date of opening of an account under this Scheme, subject to the condition that the account is opened by such individual within one month of the date of receipt of the retirement benefits and proof of date of disbursal of such retirement benefit(s) along with a certificate from the employer indicating the details of retirement on superannuation or otherwise, retirement benefits, employment held and period of such employment with the employer)
  • Retired Defense personnel of 50 years & more is eligible to open SCSS account. Provided that the retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of fifty years subject to the fulfilment of other specified conditions.
  • HUF & NRI are not eligible to open these accounts.
 

Minimum Rs. 1000/- maximum Rs. 15,00,000/-

 
  • As applicable on the date of account opening, declared by the GoI on quarterly basis.
  • Interest is paid quarterly. The pro rata interest is paid for the short period in a quarter
  • Interest shall be payable from the date of deposit to 31st March/30th June/30th September/31stDecember on first working day of April/July/October/January, as the case may be, in the first instance and thereafter interest shall be payable on first working day of April/July/October/January as the case may be.
  • Interest at the rate applicable to the Post Office Savings Account shall be payable on deposits in the account which are not extended or closed on maturity or extended maturity.
 
  • Maturity is 5 years
  • Can be extended for further period of three years (within a period of one year from the maturity period of five year)
  • The account holder may close the account any time after one year from the date of extension of account without any deduction
 

1. The account holder may withdraw the deposit and close the account at any time on an application subject to the following conditions, namely:-

  • In case, the account is closed before one year after the date of opening of account, interest paid on the deposit in the account shall be recovered from the deposit and the balance shall be paid to the account holder.
  • In case the account is closed after the expiry of one year but before the expiry of two years from the date of its opening, an amount equal to one and a half per cent of the deposit shall be deducted and the balance shall be paid to the account holder.
  • In case the account is closed on or after the expiry of two years from the date of its opening, an amount equal to one per cent of the deposit shall be deducted and the balance shall be paid to the account holder.

2. The account holder availing the facility of extension of account, may withdraw the deposit and close the account at any time after the expiry of one year from the date of extension of the account without any deduction.

3. In case of premature closure, interest on the deposit shall be payable upto the date preceding the date of premature closure after deduction of penalty

4 Multiple withdrawals from an account shall not be permitted.

 
  • Deposit in the account qualifies for deduction under section 80C of Income Tax Act.
  • Interest earned in the account is taxable.
  • TDS is applicable in case of interest payment beyond the specified limit.
  • No TDS is to be deducted in case of submission of Form 15G or 15H by the depositor. Branch should enter 15G/H in GBM by opening the link
 
  • PAN card is compulsory.
  • Nomination is mandatory, can be made for one or more persons subject to maximum of 4 (four) individuals.
  • Individual can open the account jointly with spouse only.
  • Transfer of A/c: allowed from Bank/Post Office to BOI. A depositor may operate more than one account under these rules subject to condition that deposits in all accounts taken together, in Bank or Post Office, shall not exceed the maximum specified limit.
  • Our all branches are authorised to open SCCS accounts.
  • For further clarification, please refer to Government notification G.S.R 916 (E) dated 12th December 2019