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 8.6% interest on their deposits’. The interest is payable on a quarterly basis and is fully taxable.
Minimum and maximum deposit limit
- There is no restriction on minimum deposit amount. However, deposits should be made in multiples of Rs 1000/- but should not exceed the maximum limit of Rs. 15,00,000/-
- The tenure of the deposit is 5 years and can be further extended by 3 years.
- Premature withdrawal facility is also available under the SCSS scheme after completion of 1 year from the date of opening of account after deduction of penal amount.
- 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.