Article

What is Senior Citizens Savings Scheme
June 06 , 2012

The Senior Citizens Savings Scheme, 2004, is a facility for Indian residents over 60 years of age to hold a deposit in a National Bank or Post Office that carries regular interest. The current rate of interest is 9 percent. The deposit is a 5-year one that can be extended by a further three years at maturity. The maximum a citizen can invest in this is Rs15 lakh, irrespective of whether it is in one Bank or split between Banks. More details are available at the RBI site: http://www.rbi.org.in/scripts/FAQView.aspx?Id=62

For retirees in general, this is a safe investment option to get a steady 'pension'. The interest received is taxed as income based on your regular tax slab, and TDS is applicable. You will be given a TDS certificate at the end of the year to aid in your tax returns. If you fall below the tax bracket, you can fill and deposit Form 15H or Form 15G, so that your Bank or Post Office does not apply TDS on your interest.

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