The SCSS account can be opened in only designated branches of post offices and banks (State Bank of India, State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Mysore, State Bank of Travancore, Allahabad Bank, Andhra bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Punjab National Bank, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank, IDBI Bank, ICICI Bank Ltd)
Who can open SCSS Scheme Account?
The account can be opened by an individual –
1- Who has attained age of 60 years or above on the date of opening of the account.
2- Who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.
3- No age limit for the retired personnel of Defence services provided they fulfill other specified conditions.
How to open SCSS Account?
If you already have savings account in the post office/bank (where you are opening SCSS account), then you just need to open SCSS account and link your saving account with SCSS account. But if you don’t have saving account then the saving account will also be opened with the SCSS account.
The depositor have to make an application in Form-A, alongwith the amount of deposit in Form-D, alongwith age proof and photograph (joint photograph with spouse, in case of joint account). PAN No. In case the applicant has no PAN No., the same shall be indicated in the application form and the applicant(s) should furnish a self declaration that his/their income from all sources (including income from the account to be opened vide this application) does not cross the exemption limit and the applicant(s) is/are not required to obtain PAN under the Income Tax Act, 1961 as amended from time to time.
Things to Take Care
1- The account may be opened in individual capacity or jointly with spouse. If joint account opened then same documents from spouse also required.
2- Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an SCSS account.
3- The individual may open one or more account in the multiple of Rs. 1000/-, subject to a maximum limit of Rs. 15 lakh.
4- No withdrawal shall be permitted before the expiry of a period of five years from the date of opening of the account.
5- The depositor may extend the account for a further period of 3 years (5+3).
6- The depositor may operate more than one account subject to the conditions that the deposits in all the accounts taken together shall not exceed the maximum limit of Rs. 15 lakh. More than one account cannot be opened in the same post office during a calendar month.