SENIOR CITIZEN SCHEME, 2004
1. Person 60 years & above can open Maximum total amount of deposit is Rs.15 lakhs
2. Person 55 years & above can open provided they have retired either on superannuation or VRS etc. maximum amount cannot exceed the total retirement benefits or Rs.15 lakhs whichever is less (Retirement benefits received should be respectively deposited within one month of its receipt).Armed force personnel who retires on superannuation can open irrespective of age criterion subject to max retirement benefits or 15 lakhs whichever is less
3. Interest is payable quarterly @ 9.2% p.a. WEF 01/04/2013
4. It can be opened for 5 years on expiry of 5 years It can be extended for a block of 3 years
5. If closed prematurely after one year but before 2 years 1.5% of amount deposited will be deducted. If closed after 2 years 1% of the amount deposited will be deducted. On the extended block of 3 years no penalty will be charged if account is closed after one year
6. More than One nominee is permitted.
7. Nominees PHOTO & signature to be obtained
8. TDS to be deducted at source
9. A person can have more than one a/c but the total of all the a/cs should not exceed the cap amount
10. It can be transferred from Post office to Bank & vice versa Upto 1 lakh no charge for transferring the a/c for the 1st transfer a fee of Rs. 5/- per Lac or part thereof & for subsequent transfer Rs.10/- per Lac & part thereof.
11. NO Agency commission is to be paid by branches WEF 01/12/2011
12. Only authorized branches who can open PPF a/c can open SCSS, 2004