SENIOR CITIZENS SAVINGS SCHEME

Maturity period of the account under this scheme is five years. However, the account can be extended for block periods of 3 years each from the date of maturity or extended maturity. On or after expiry of 5 years or extended period), the depositor shall be paid the deposit made at the time of opening of the account on production of the passbook and written application for closure in SB- 7A. Procedure laid down for closure of MIS account shall be applicable for closure of SCSS account also.

(1)The account holder may extend the account for   block periods of three years  by making an application in Form-4 within a period of one year from the date of maturity or from the date of end of each block period of three years.

(2) The extension of the account under sub-paragraph (l) shall be deemed to have been made from the date of maturity or from the date of end of each block period of three years, irrespective of the date of application.

(3) In case of an account extended after maturity under subparagraph (1) of paragraph 8, the deposit in such account shall earn interest at the rate applicable to the Scheme on the date of maturity or on the date of extended maturity.

(4) In case the depositor does not close the account on maturity and also does not extend the account for a period of three years by making an application within a period of one year after the maturity period of 5 years, the account shall be treated as matured and post maturity interest at the rate applicable to the deposits under Post Office Savings Accounts from time to time shall only be admissible for the period beyond maturity till closure of the account.

Note: The accounts opened by retired defence personnel can also be extended irrespective of the age of such depositor on the date of maturity.

(5) In case of death of the depositor before maturity, the account shall be closed, and deposit shall be refunded along with interest at the rate of interest applicable to SCSS till date of death and at the rate of Post Office Savings Account interest till the date of final closure of the account.

(6). In case of a Joint account, or where the spouse is the sole nominee, the spouse may continue the account with the same terms and conditions as specified under this Scheme, if the spouse meets eligibility conditions under the scheme on the death of the account holder. Where both the spouses have opened separate account or accounts under this Scheme and either of the spouses dies during the currency of such account or accounts, then such account or accounts standing in the name of the deceased account holder shall not be continued and shall be closed.

 The above amendment is applicable to all existing SCSS accounts

****Please click here for the relevant SB order No.22/2023  and  22/2023 (C)****