This article offers a brief summary of the key aspects of the Bank of India’s Senior Citizen Savings schemes. Since these details are subject to frequent updates, please refer to the bank’s official website for the most current information on features and interest rates.
Bank of India – Senior Citizen Savings Scheme Features:
- Guaranteed Returns: A reliable investment choice.
- Lucrative Interest Rate: Offers an attractive interest rate.
- Tax Benefit: Eligible for tax deduction of up to Rs. 1.50 lakhs under Section 80C of the IT Act, 1961.
- Quarterly Interest Payment: Interests are paid quarterly.
- Easy Transfer: Account transfer is effortless to any Bank of India branch.
- Multiple Accounts: Depositors can open more than one account under SCSS, ensuring the total deposits across all accounts do not exceed the maximum limit. Yet, multiple accounts cannot be opened in the same deposit office within a calendar month.
- Joint Account Terms: If the first holder in a joint account passes away before maturity, the spouse can continue operating the account under the same terms. However, if the spouse has an individual account, the aggregate of both accounts cannot exceed the prescribed maximum limit.
- Maturity Period: SCSS has a maturity period of 5 years.
- Extension: The depositor can extend the account only once, for an additional period of three years by applying to their parent branch within one year after maturity.
- Closure: The account holder can close the account anytime after one year from the extension date without any deductions.
How to invest?
Click here to invest in the Bank of India’s Senior Citizen Savings schemes.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank/institution.