INVP_011 - Taxpublishers.in

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The Tax Publishers Investment in Senior Citizens Savings Scheme 1. Duration The maturity period of deposit will be 5 years extendable by another 3 years. 2. Who can invest (i) Individuals of 60 years of age or above on the date of opening of an account are eligible to invest. (ii) Individual who has attained the age of fifty-five years or more but less than sixty years, and who has retired on superannuation or otherwise on the date of opening of an account under this Scheme, subject to the condition that the account is opened by such individual within one month of the date of receipt of the retirement benefits and proof of date of disbursal of such retirement benefit(s) along with a certificate from the employer indicating the details of retirement on superannuation or otherwise, retirement benefits, employment held and period of such employment with the employer, is attached with the application form. Retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of fifty years subject to the fulfilment of other specified conditions. 3. Type of account that can be opened Single or joint account with spouse only can be opened. More than one account can be opened with the condition that overall investment does not exceed Rs. 15,00,000. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Investment in Senior Citizens Savings Scheme

1. Duration

The maturity period of deposit will be 5 years extendable by another 3 years.

2. Who can invest

(i) Individuals of 60 years of age or above on the date of opening of an account are eligible to invest.

(ii) Individual who has attained the age of fifty-five years or more but less than sixty years, and who has retired on superannuation or otherwise on the date of opening of an account under this Scheme, subject to the condition that the account is opened by such individual within one month of the date of receipt of the retirement benefits and proof of date of disbursal of such retirement benefit(s) along with a certificate from the employer indicating the details of retirement on superannuation or otherwise, retirement benefits, employment held and period of such employment with the employer, is attached with the application form.

Retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of fifty years subject to the fulfilment of other specified conditions.

3. Type of account that can be opened

Single or joint account with spouse only can be opened. More than one account can be opened with the condition that overall investment does not exceed Rs. 15,00,000.