60 years (55 years for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) will be eligible to invest irrespective of the age limits subject to the fulfillment of other specified conditions
Premature closure/withdrawal facility
Permitted after one year of opening the account but with penalty.
Nomination facility is available.
Modes of holding
Accounts can be held both in single and joint
holding modes. Joint holding is allowed only with spouse.
Application forms available with
Post Offices and designated branches of 24
Nationalised banks and one private sector bank
Applicability to NRI, PIO and
Non Resident Indians (NRIs), Persons of Indian
Origin (PIO) and Hindu Undivided Family (HUF) are not eligible to open an account under the Scheme.
Transfer from one deposit
office to another
Transfer of account from one deposit office to another is permitted.
"Retirementbenefits"for the purpose of SCSS Rules have been defined as 'any paymentduetothedepositoronaccountofretirementwhetheronsuperannuation or otherwiseand includesProvidentFunddues, retirement/ superannuationgratuity, commuted value of pension, cash equivalent of leave, savings element of Group SavingslinkedInsurance schemepayablebyemployer totheemployee onretirement, retirement-cum-withdrawal benefitundertheEmployees’FamilyPensionSchemeand ex-gratiapaymentsunderavoluntary retirementscheme'.(Rule2(a)oftheSenior CitizensSavingsScheme(Amendment)Rules,2004notifiedonOctober27,2004)
Iftheinvestoris60yearsandabove,thereisnotimeperiodprescribedforopening the SCSSaccount(s). Howeverforthosebelow60years, followingtimelimitshavebeen prescribed.
(a)Whohasattained theageof55yearsormorebutlessthan60years,andwhohas retiredonsuperannuationorotherwiseonthedateofopeningofanaccountunder these rules, subject totheconditionthattheaccountis openedby suchindividualwithin one monthofthedateofreceipt oftheretirementbenefitsand proofofdate ofdisbursal ofsuchretirementbenefit(s)alongwithacertificatefromtheemployer,indicatingthe factofretirement onsuperannuationorotherwise,retirement benefit,employmentheld andperiodofsuchemploymentwiththeemployer.
(b)thepersonswhohaveretiredatanytimebeforethecommencement oftheserules andattainedtheageof55yearsormoreonthedateofopening ofanaccountunder theserules,willalsobeeligibletosubscribeundertheschemewithinaperiodofone month of the date of the notification of the SCSS, 2004 i.e. 27th October
(c)theretiredpersonnelofDefenceServices(excludingCivilianDefenceEmployees) will be eligible to subscribe under the scheme irrespective of the above age limitssubjecttothefulfillmentofotherspecifiedconditions.[Rule2 oftheSenior CitizensSavingsScheme(Amendment)Rules,2004]