Senior Citizens Saving Scheme
in Lakshadweep
Last updated:
Key dates and updates (Lakshadweep)
Nationwide and Lakshadweep-specific milestones. Verify on the official portal before you apply.
| Milestone | Date |
|---|---|
| Scheme launch |
Senior Citizens Saving Scheme in Lakshadweep
Senior Citizens Saving Scheme is a government scheme available to eligible residents of Lakshadweep.
Apply for Senior Citizens Saving Scheme in Lakshadweep
Scheme Overview
Introduced in 2004 by the Govt. of India, SCSS offers a steady stream of income for individuals over 60 years old. As it is a government-backed scheme, there is minimal risk associated with SCSS. Individuals can apply for this scheme in post offices and public and private banks.
Eligibility Criteria
Indian citizens above the age of 60 years
Retirees in the age bracket of 55-60 years who have opted for Voluntary Retirement Scheme (VRS) or Superannuation*
Retired defense personnel above 50 years and below 60 years of age*
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**(*Investment must be made within a month of availing the retirement benefits.)**
Benefits
Benefits:
Hassle-Free Process: Individuals can open their accounts at any post office or authorized bank in India.
SCSS Tax Benefits: Under Section 80C of the Income Tax Act, the principal amount invested in this scheme is eligible for deduction up to a limit of ₹1.5 lakhs in a year. Furthermore, interest earned on SCSS is taxable according to an individual’s tax slab. However, if the amount exceeds ₹50,000 for a fiscal, TDS (Tax Deducted at Source) is applicable.
High-Interest Rate: SCSS offers an interest rate of 7.4% per year.
Features:
Varying Interest Rates: The SCSS interest rate is modified once in every 3 months. Therefore, this rate of interest is subject to revision 4 times in a year.
Assured Returns: The returns on this scheme are issued as it is a government-backed instrument. Moreover, contrary to market-linked investments, which are subject to fluctuations, SCSS is safe and offers assured returns to individuals.
Maturity Duration: SCSS comes with a maturity period of 5 years. That said, one can extend the scheme for another 3 years by submitting a duly filled-up Form B. Nonetheless, in this regard, the interest rate as per the quarter is levied.
Deposit Limit: Individuals can deposit a minimum of ₹ 1,000 to open their accounts. Moreover, one can deposit ₹ 15 lakh or the amount of retirement benefit, whichever is lower.
Account Closure: Deductions are made against premature withdrawals. If closed before a period of 2 years, 1.5% deduction will be made as a penalty. Furthermore, if closed after 2 years, 1% is deducted. However, for extended accounts, one can withdraw funds post one year without attracting penalties.
Quarterly Disbursals: One can expect quarterly disbursements against the deposited amount. The interest gets credited to the account on the 1st of April, July, October, and January.
Nomination Option: The account holder can register a nominee to the Senior Citizens Saving Scheme. So, if the account holder passes away before maturity, the nominee will receive the due amount.
Required Documents
| # | Document |
|---|---|
| 1 | KYC Documents: Aadhaar Card, Voter ID Card, PAN Card, Passport |
| 2 | Utility Bills: Telephone bill, Electricity bill |
| 3 | Senior Citizen Card or Birth Certificate (Case Specific) |
| 4 | 2 passport-size photographs |
How to Apply in Lakshadweep
Visit your nearest bank branch or post office and collect the application form. Submit the duly filled-up form along with the self-attested copies of the required documents.
Offline — https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/Accountopening.pdf Visit your nearest bank branch or post office and collect the application form. Submit the duly filled-up form along with the self-attested copies of the required documents.
One can open an SCSS account online if his/her bank offers this facility. Banks offering Senior Citizens’ Savings Scheme include the following: State Bank of India, Bank of Baroda, ICICI Bank, Bank of India, Corporation Bank, Punjab National Bank,…
Online One can open an SCSS account online if his/her bank offers this facility. Banks offering Senior Citizens’ Savings Scheme include the following: State Bank of India, Bank of Baroda, ICICI Bank, Bank of India, Corporation Bank, Punjab National Bank, UCO Bank, Allahabad Bank, Syndicate Bank, Union Bank of India
Common questions in Lakshadweep
Who can apply for Senior Citizens Saving Scheme in Lakshadweep?
Eligible residents of Lakshadweep who meet the scheme’s overall criteria can apply for Senior Citizens Saving Scheme. Refer to the eligibility section above for the complete checklist.
What documents are required for Senior Citizens Saving Scheme in Lakshadweep?
Applicants in Lakshadweep typically need identity proof (Aadhaar), state residency proof, bank account details, and any scheme-specific documents listed in the documents section.
What are the important dates for Senior Citizens Saving Scheme?
Key dates are summarized in the table on this page, from 2 August 2004 through 2 August 2004, based on values DeshSeva currently stores for this item.
Frequently Asked Questions
Online application facility is not available for SCSS. 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.