Senior Citizen Saving Scheme

• Can be opened by the one who has attained the age of 60 years or above on the date of opening of an account. Or who has attained the age of 55 years or more but is less than 60 and who has retired under VRS or special voluntary retirement scheme.
• Amount can be withdrawn five years from the date of opening of an account.
• Depositor may withdraw the deposits and close the account at any time after the expiry of one year from the date of the account opening but have to pay a penalty of 1½% of the deposits if the closure takes place after one year but less than two years and 1% on or after two years.
• Income Tax shall be deducted at source. Tax exemption on investment U/S 80C of the IT Act.