Press Information Bureau
Government of India
Ministry of Finance
25-November-2016 17:20 IST

Senior Citizen Savings Schemes

Senior Citizens Saving Scheme, 2004 is a scheme of Department of Economic Affairs, Ministry of Finance and is operated through post offices and designated branches of banks. The following are the details of number of accounts being operated in various banks.

Sr.No Name of Bank No. of Accounts
1. Andhra Bank 2059
2. Bank of Baroda 49943
3. Punjab National Bank 25656
4. State Bank Hyderabad 4789
5. State Bank of India 59801
6. State Bank of Mysore 4179
7 . Syndicate Bank 2677
8. Union Bank of India 11619
9. Vijaya Bank 1189
Total   161912

The upper limit of investment under the Senior Citizen Savings Scheme, 2004 (SCSS) is: (i) rupees 15 lakh for those having attained the age of 60 years, (ii) the total amount of retirement benefits for those not having attained the age of 60 but retired on superannuation or otherwise as per the rules of the Senior Citizen Savings Scheme, 2004. The rate of interest for Senior Citizen Savings Scheme, 2004 for the quarter 01.10.2016 to 31.12.2016 is 8.5%. The deposits made in the Senior Citizen Savings Scheme, 2004 are exempted from income tax under section 80C of Income Tax Act, 1961. However, the interest earned on the deposit is not exempted from income tax. Provisions of Tax Deduction at Source (TDS) are applicable to the Scheme.

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

More Under Income Tax

Posted Under

Category : Income Tax (25488)
Type : News (12749)

One response to “Senior Citizen Savings Schemes – Taxation and Status”

  1. manish somani says:

    my father is 60 plus he ha some cash can he open up a senior citizen account and deposit in old denomination as we were not aware of this scheme earlier.

Leave a Reply

Your email address will not be published. Required fields are marked *