There are numerous saving schemes designated for people above the age of 60. These plans rapidly benefit the individuals getting them better long term saving options, unmatched security and enjoy any all the features associated with the government-sponsored savings program. One can opt for these schemes through certified banks and network post offices all over India.
The senior citizen savings scheme (SCSS) is one of the popular saving schemes for patrons where the savings account extends for up to 5 years with additional 3-year extension upon maturity.
This scheme is a lubricative and savings oriented option for senior citizens who can earn interests up to 8.6% (FY 2016-17). The person has to add one deposit to the account initially that is multiple of 1000 but not more than 15 lakhs.
The advantages of the scheme are first its easy availability. One can get the application form from any of the local banks or post offices nearby.
In order to be eligible, one should meet any of the following criteria:
If you plan for a joint account, the primary holder should be the age mentioned above requirements. No age restriction on the next applicant.