Notification No. G.S.R. 639(E), Dated 28-7-2010

In exercise of the powers conferred by Section 15 of the Government Savings Banks Act, 1873 (5 of 1873), the Central Government hereby makes the following rules to further amend the Senior Citizens Savings Scheme Rules, 2004, namely : –

(1) These rules may be called the Senior Citizens Savings Scheme (Amendment) Rules, 2010.

(2) They shall come into force on the date of their publication in the Official Gazette.

In the Senior Citizens Savings Scheme Rules, 2004 in rule 8, for sub-rule 3 the following sub-rule shall be substituted, namely : –

“(3) In case of death of a depositor before maturity, the account shall be closed and deposit refunded on an application in Form ‘F’ alongwith interest as applicable to the scheme till the date on which the depositor expired, to the nominee or legal heirs in case the nominee has also expired or nomination as provided in rule 6 was not made, as the case may be. For the period between the day following the date of death of the depositor and the date on which refund is made, simple interest shall be paid at the rate applicable from time to time to saving accounts as provided in Rule 6 of Post Office Savings Accounts Rules, 1981”.

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  1. Ranjan Ghosh says:

    If the applicant expires before date of maturity and at that time his spouse is not a Senior citizen, whether he/she is eligible to continue the account and also eligible to get the benefit of interest till the date of maturity?

  2. Yashvant V. Shah says:

    What is the latest amendment in SCSS,2004 rules regarding minimum account deposit amount one needs to invest for new accont? Further in case of joint holding with the spouse in the event any of the spouse passes away whether surviving spouse can continue with the accounts of the deceased spouse or he/she needs to close the said accounts? Pl.circulate new amendment s to the scheme as & when published for the benefits of the scheme depositors.

  3. Jagadish kumar E says:

    Is there any particular period for opening SCSS a/c to the retired defence people, after retiring? (Like 1month/3months etc.)

  4. RAMESH DANI says:

    Sir, I am searching the Names/Addresses of State Bank of India who are “Designated”
    Branches to handle the Senior Citizens Savings Scheme 2004 specifically in
    BANGALORE CITY (Karnataka State).
    But my search shifts me to other unrequired information in one click.
    I request you to please help me for the same as I am Senior Citizen of 71 yrs.
    Ramesh Daani

  5. B. D. Bade says:

    Dear Sir,
    Can I use to ask clarification as below.
    Can a house wife who has not served anywhere open account in senior citizens saving scheme.
    Please reply

  6. ray bahadur singh says:

    Sir, I am a central govt our organization superannuation age is 58 years.thus I am superannuating on 58 years in July 2015. Am I eligible to open an account – senior citizen deposit scheme 2004, in PSU banks particularly SBI or pnb. Kindly confirm my eligibility for this particular account.regards.

  7. Hbs seth says:

    How the interest will be calculated for part of quarterly interest if the SCSS account is matured on a date less than a quarter ( three months)

  8. Hbs Seth says:

    One clarification:    If an account is matured on a particular  date and the depositor being out of country ia unable to cash and close the account. what interests will be paid between  the date of maturity and the date of  closing his account. 

  9. jayanta dutta says:

    Dear Sir, Kindly advice if, on the introduction of the Rules called Senior Citizen Saving Scheme Rules ,2010, if even the Account of the deceased Depositor, held jointly with the Spouse, will be closed ?and deposit refunded to the Spouse? pl send the reply by email to;

  10. Sharad Hatekar says:

    Dear Sir,
    Sub: Amendment to Rule 8 sub-rule (3), 2010 of SCSS -4.
    I received Communication from National savings Organisation that the Amendment has replaced only the MAIN part of the Original Rule 8, Sub-rule(3); and retained the three PROVISOS to the original rule 8 sub-rule (3), with the result that 1) on the deathof the depositor of the Joint Account, or where the Spouse is the Sole Nomineee will not be closed; but continued in the name of the Spouse, subject to the max Limit of 15 Lakh. If the spouse does not want to continue the Account, it shall be closed and amount refunded to the Spouse. The claim of the Nominee will arise only after death of Depositor and the Joint Holder. I would request to verify my understanding of the correct applicability of the Amendment and if satisfied, publish it for te knowledge of the Depositors in the Scheme
    Sharad Hatekar

  11. Sharad Hatekar says:

    Dear Sir,
    I have yet not received any reply to my query of 30 October, 2010. I reapete my query below:
    Please advise if on the introduction of the Amendment to Rule 8, Sub-Rule (3)of the Senior Citizen Savings Scheme – 2004, the three Provisos to the Original Rule 8, sub-rule (3)are deleted and if deleted, whether the on the premature death of the Depositor: 1) the Joint Acoount shall also be closed and refund of Deposit alongwith the Interest calculated as per the amended Rule shall be made to the Nominee and not the Joint holder, nor shall be continued in the Name of the Joint Holder, 2) The Account where the Spouse is the Sole Nominee shall be closed and the refund be mde to the Nominee, and not continued in the name of the Spouse? Please reply to
    Sharad Hatekar

  12. Girish says:

    I had opened the Senior Citizens Savings Scheme joint account with my spouse last year in post-office. I had deposited 6lakhs at that time.I wish to open another acc. of Rs.6lakhs.(which do not exceed 15lks limit), but can I open it in same post office in which i already have a Senior Citizens Savings Account.Please reply.Need assistence…!

  13. M HUSSAIN says:

    Amendment is required in terms of maximum limit of investment, i.e., Rs.15 Lakh. It is over 6 years now since the implementation of this scheme for senior citizens. If the govt. is actually concerned with the elderly people, then it is high time the govt. hike the maximum limit to at least Rs.25 Lakh.

  14. Sharad Hatekar says:

    Dear Sir, Kindly advice if, on the introduction of the Rules called Senior Citizen Saving Scheme (Amendment) Rules ,2010, if even the Account of the deceased Depositor, held jointly with the Spouse, will be closed and deposit refunded to the Nominee, and NOT the holder, the Spouse? pl send the reply by email to; ,>
    Sharad Hatekar.

  15. R.A. Srinivasan says:

    Many Banks SBI included are ignorant of many provisions that are made by the GOI fto help the Seniors.
    The Bank officials must be made aware of the new provisions of the law so that the nominees are not harassed with a lot of paper work that are not relevant to the issue.

  16. vinod says:

    No that is not good, the interest should be paid @ as had been during the period of his survival,up to the date the payment is finally made

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