What does SCSS mean in UNCLASSIFIED
Senior Citizen Savings Scheme (SCSS) is a Government of India backed tax savings scheme, exclusively designed for senior citizens. It offers an interest rate of 8.6% p.a., payable quarterly, and can be opened at any designated post office or authorized bank branches across the country.
SCSS meaning in Unclassified in Miscellaneous
SCSS mostly used in an acronym Unclassified in Category Miscellaneous that means Senior Citizen Savings Scheme
Shorthand: SCSS,
Full Form: Senior Citizen Savings Scheme
For more information of "Senior Citizen Savings Scheme", see the section below.
Essential Questions and Answers on Senior Citizen Savings Scheme in "MISCELLANEOUS»UNFILED"
What is SCSS?
Who is eligible to open an SCSS account?
Any Indian resident aged 60 years and above can open an SCSS account. Both individuals and joint accounts are allowed but the second holder must also be over 60 years old.
How much amount should I deposit to open an SCSS account?
The minimum deposit required to open an SCSS account is Rs 1,000 and the maximum limit is Rs 15 lakhs in multiples of Rs 1,000/-
Does SCSS offer a nomination facility?
Yes, you can appoint one or more nominees for your SCSS account when you open the account itself and re-appoint/add/delete nominations any time later as well.
Is there any penalty for premature withdrawal from my SCSS account?
Yes, there could be a penalty up to 1.5% on the deposit amount if the complete withdrawal happens before two years from the date of opening your SCSS account. After two years from its opening date, one may withdraw any amount without incurring any penalty or extra charge.
When will I receive my interest payment from an SCSS account?
Interest payments will be credited to your account every quarter (every three months). If you have filled in application form 15G/15H while opening the account then TDS will not applicable on the interest payments received from your SCSS Account each quarter.
Is money under Senior Citizen Savings Scheme (SCSS) safe and secure?
Yes, all money deposited under Senior Citizen Savings Scheme (SCSS) is fully backed by Government of India ensuring that it is safe and secure for senior citizens.
Can I transfer my existing savings/recurring deposits to a Senior Citizen Savings Scheme (SCSS)?
No, It is not possible to transfer existing saving/recurring accounts into an Senior Citizen Saving Scheme Account at this time.
SCSS also stands for: |
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