* * Housing loan up to Rs.30 lakh for 15 years @10.50% p.a. floating: EMI Rs.1106/- per lakh           * 9.50% interest for deposits of one year to less than 5 years            * Avail the facility of same day remittance of funds at par. Please contact the nearest branch for details
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Products & Services - Other Services - Senior Citizens
SENIOR CITIZENS SAVINGS SCHEME,2004(SCSS)
Senior Citizens Savings Scheme, 2004 (SCSS) was introduced by the Government of India Notification No.G.S.R.490 (E) dated August 2,2004 to alleviate the suffering of the senior citizens who are usually dependent for their livelihood on interest income from their investments specially fixed deposits.

The scheme is being implemented by all the 140 branches of the Bank which are operating ‘PPF' Scheme1968.

Salient feature of the Scheme are as under :-

Tenure of the Scheme

5 years, which can be extended by 3 more years

Interest Rate

9% p.a.

Frequency of computing interest

Quarterly

Tax aspects

Interest is fully taxable

Investment to be in multiples of

Rs 1,000

Maximum Investment Limit

Rs 15 lakhs

Minimum eligible age

60 yeas ( 55 years for those who have retired under a Voluntary or a Special Voluntary Scheme)

Facility of premature withdrawals

Available after 1 year of holding but with penalty

Transferability feature

Not available

Tradability

Not available.

Nomination facility

Available

Mode of Holding

Generally single, joint mode is permitted but only spouses will be allowed to open accounts jointly with beneficiaries.

Availability of applications forms

Through the Post Offices and Designated Branches of Public Sector Banks.

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