Senior Cititzen Saving Scheme: There is useful news for senior citizens. The country’s largest private sector bank HDFC can now accept deposits under the Senior Citizen Saving Scheme (SCSS). Till now, Senior Citizen Saving Scheme account could be opened in post office and public sector bank.
Senior Cititzen Saving Scheme: There is good news for senior citizens. HDFC, the country’s largest private sector bank, can now accept deposits under the Senior Citizen Savings Scheme (SCSS). Till now, Senior Citizen Savings Scheme account could be opened in post office and public sector bank. Now senior citizens can also open Senior Citizen Savings Account in HDFC Bank. Let us tell you that under the scheme, senior citizens get 8.2 percent interest. This is a savings scheme run by the government. The senior citizens covered under the scheme get fixed interest i.e. income. This scheme is the best option to get fixed income after retirement.
HDFC Bank becomes agency bank
HDFC Bank will now become the agency bank of the Government of India and will accept deposits under SCSS and provide service to the customers. The bank said in its statement that all our eligible customers can apply under this scheme by visiting any branch across the country.
Interest rate and benefits on SCSS
Interest rate: 8.2% annual interest will be given under SCSS. This interest rate is applicable from 1 April 2024 to 31 March 2025. The government revises the interest from time to time.
Lock-in period: This scheme has a lock-in period of 5 years.
Tax exemption: Investing in SCSS provides tax exemption under section 80C.
Interest payment: Customers get interest payment every quarter i.e. three months.
Who can apply?
All persons aged 60 years or above.
Retired employees (superannuation) aged 55 years or above.
Personnel aged 50 years or above retired from defense service.
Parag Rao, Country Head, Payments, Liability Products, Consumer Finance and Marketing, HDFC Bank said that he is proud to include SCSS, the Small Savings Scheme of the Government of India. This scheme gives senior citizens a fixed income source with attractive interest rates. Apart from this, tax benefits are available.
Contribution of HDFC Bank in government schemes
HDFC Bank is already running government schemes like PPF i.e. Public Provident Fund and Sukanya Samriddhi Yojana. In the financial year 2023-24, HDFC Bank collected more than Rs 10 lakh crore in tax across the country, making it one of the top three agency banks of the government.
Other banks which are running SCSS. According to RBI, these banks are accepting deposits under SCSS.
Public Sector Banks
Bank of Baroda
Bank of India
Punjab National Bank
State Bank of India (SBI)
Union Bank of India
Canara Bank
Central Bank of India
Private Banks
ICICI Bank
IDBI Bank
Now with the inclusion of HDFC Bank, customers will get more convenience.
