Senior Citizen Savings Scheme
Bank of Baroda offers the Senior Citizens Saving Scheme account to individuals above the age of 60 years or 55 years for those who have retired on superannuation or under a voluntary or special voluntary scheme or 50 years for the retired personnel of Defence services (excluding civil defence employees). Depositors are allowed to open multiple account under this scheme with combined maximum limit of Rs. 15 lakh in all accounts. The SCSS account is a robust and safe account designed especially for seniors to earn long term savings in their old age.
- Depositors receive interest every quarter
- High rate of interest
- Guaranteed returns
- Nomination facility available
- Senior citizens aged 60 years and above are eligible for this scheme. The scheme is also applicable to retired individuals above 55 years of age under voluntary or special voluntary scheme and 50 years for the retired personnel of Defence services (excluding civil defence employees)
Rate of interest
- Account holders can earn 7.4% interest (01.04.2020 -to-30.06.2020) on their deposits’. The interest is payable on a quarterly basis and is fully taxable.
Minimum and maximum deposit limit
- The account shall be opened with a minimum deposit of Rs. 1000/- or any sum in multiples of Rs. 1000/- not exceeding Rs. 15,00,000/-.
- The tenure of the deposit is 5 years and can be further extended by 3 years.
- The account holder may withdraw the deposit and close the account at any time subject to the certain conditions.
- The account holder availing the facility of extension of account may withdraw the deposit and close the account at any time after the expiry of one year from the date of extension of the account without any deduction.
- In case of premature closure, interest on the deposit shall be payable upto the date preceding the date of premature closure after deduction of penalty.
- Depositors may appoint a nominee or nominees under this scheme.
- The Account can be extended for 3 years only once after the completion of 5 years term.