HDFC Bank started accepting deposits under SCSS.

Now, HDFC Bank has decided to accept deposits under the Senior Citizen’s Saving Scheme (SCSS), an 8.2% interest rate for citizens. Good News for senior citizens customers of HDFC Bank to live the rest of their lives with a proper stable income. Senior Citizen’s Saving Scheme (SCSS) is for the senior citizen for income after retirement from the government.

Contents

HDFC Bank started accepting deposits under SCSS.What is Senior Citizen’s Saving Scheme (SCSS)?SCSS Eligibility How to open an SCSS Account with HDFC Bank?Key KYC requirements

What is Senior Citizen’s Saving Scheme (SCSS)?

The Senior Citizen’s Saving Scheme (SCSS) is a scheme designed by the government for senior citizens above the age of 60 so that they can get a secure and stable income for a better life. This scheme is sponsored and secure by the government and is less risk able for the customer. It is a government-sponsored saving instrument for customers.

SCSS is a secure investment and is guaranteed to return once it is mature. With this scheme, the customer will get the offer of an 8.2% interest rate. The interest rate will be revised after every quarter. However, once the customer invests the interest rate will not change for the entire term which is 5 years. It’s a taxation.
Senior citizen can open their SCSS account in a Post Office branch or an authorized bank. The maturity Period will be fixed for 5 years and can be extendable by 3 years by submitting the application. The application for an extension of maturity will be acceptable if it is within one year from the date of maturity.

Several accounts can be created. Each candidate can open more than one account. Candidate can open individual or joint accounts, but the joint account should only be with their spouse. The beginning depositor will be the investor who deposits in a joint account.
Minimum and Maximum amount to be deposited
Investment can be done Minimum of Rs 1,000 and Maximum of Rs 30, 00,000 while depositing. The deposits can be done in multiple of Rs. 1000.

SCSS Eligibility

Candidates should be above 60 years
Retired civilian and defense employees above 55 years and below 60 years should note that the investment be done within 1 month of the receipt of retirement benefits.
Accounts can be opened in an individual or joint with a spouse only. In the joint account, the amount will be attributed only to the first account holder.
The NRIs and HUFs are not eligible to open a SCSS account.

How to open an SCSS Account with HDFC Bank?

The applicants need to submit the following documents to open an SCSS account with HDFC Bank.
Duly filled out the SCSS account opening form
Passport-size photograph
Self-attested PAN Card copy
Self-attested Aadhaar Card copy (along with a Non-DBT Aadhaar Declaration, if applicable)
Additional documents as per eligibility criteria

Key KYC requirements

To open an SCSS account, both PAN and Aadhaar are mandatory for KYC compliance.
There are no fees for the registration, cancellation, or change of a nomination. However, the charge for issuing a duplicate passbook is Rs 50. The fee for issuing a statement of account is Rs 20. The transfer of an account seeks a charge of Rs 100 per registration.
Certain cases are not considered transfers as they are carried out for administrative reasons. These include accounts frozen under the SCWF Rule, 2016, and closed, as well as discontinued scheme accounts or certified closed accounts.