Senior Citizens Saving Scheme - Features and List of Banks

Investment Amount 

• An individual can invest a most extreme measure of Rs.15 lakh, independently or mutually in a SCSS account (in products of Rs.1,000). The sum invested in the scheme can't surpass the cash that has been gotten on retirement. Subsequently, the individual can invest either Rs.15 lakh or the sum got as a retirement advantage, whichever is lower. The record can be opened with money for a sum underneath Rs.1 lakh and with a money order for a sum surpassing Rs.1 lakh. 
• Current rate of return: 7.4% (2020)

List of Banks for Opening a SCSS account

Here is the list of banks where an SCSS account can be opened:

1. Allahabad Bank
2. Andhra bank
3. Bank of Maharashtra
4. Bank of Baroda
5. Bank of India
6. Corporation Bank
7. Canara Bank
8. Central Bank of India
9. Dena Bank
10. IDBI Bank
11. Indian Bank
12. Indian Overseas Bank
13. Punjab National Bank
14. State Bank of India
15. Syndicate Bank
16. Union Bank of India
17. Vijaya Bank
18. ICICI Bank

Common Features provided for SCSS account:

• Maturity of the scheme: The maturity time of the scheme is 5 years. Be that as it may, individuals can expand the maturity span for a very long time by presenting an application in the necessary arrangement inside one year of maturity of the account. Be that as it may, the account can be shut with no charges after the expiry of the account. 

• Nominations: Nominations can be added to the arrangement at the hour of opening an account or after the account has been opened. 

• Number of accounts: Individuals are permitted to work more than one account without anyone else or open a shared service with their life partner. Nonetheless, shared services can be opened distinctly with the companion and the underlying contributor is the financial specialist of the shared service. 

• Least and greatest sum: Only a solitary store is permitted to be made in the account. It very well may be in the products of Rs.1,000 and the greatest sum that can be kept is Rs.15 lakh. Store sums under Rs.1 lakh can be paid with money, while sums more than Rs.1 lakh must be paid with a money order. If there should arise an occurrence of check installments, the date the check acknowledges will be the initial date of the account. 

• Move of an account: A SCSS account can be moved from a bank to a mail center and the other way around. The cycle to open a SCSS account is likewise simple and bother free. 

• Untimely withdrawal: After one year of opening the account, untimely withdrawal is permitted. Notwithstanding, a 1.5% charge and a 1% charge of the aggregate sum stored will be charged if there should be an occurrence of untimely withdrawals following 1 year and 2 years, separately.