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Consider the following statements regarding Senior Citizen Savings Scheme (SCSS):
- All Indian citizens above the age of 55 years are eligible for SCSS.
- Individuals are allowed to operate more than one account under SCSS.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding Senior Citizen Savings Sch...
The maximum investment limit for the Senior Citizen Savings Scheme (SCSS) has been increased from Rs 15 lakh to Rs 30 lakh in Budget 2023.
About Senior Citizen Savings Scheme (SCSS):
- SCSS was launched with the main aim of providing senior citizens in India a regular income after they attain the age of 60 years old.
- Who is eligible?
- Indian citizens above the age of 60 years.
- Retirees in the age bracket of 55-60 years who have opted for Voluntary Retirement Scheme (VRS) or Superannuation.
- Retired defence personnel above 50 years and below 60 years of age.
- Maturity: It has a maturity period of five years. But, a depositor can extend one's maturity period for another three years.
- Number of accounts: Individuals are allowed to operate more than one account by themselves or open a joint account with their spouse.
- Deposit Limits: Eligible investors can make a lump sum deposit
- Minimum Deposit– Rs. 1,000 (and in multiples thereof)
- Maximum Deposit– Rs. 15 Lakh or the amount received on retirement, whichever is lower(Increased to Rs 30 lakh in Budget 2023).
- Interest Payment: Under SCSS, the interest amount is paid to the accountholders quarterly.
- Premature withdrawal: After one year of opening the account, premature withdrawal is allowed.
- Deposits in SCSS qualify for deduction u/s 80-C of Income Tax Act.
Hence only statement 2 is correct.
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Consider the following statements regarding Senior Citizen Savings Sch...
Statement 1: All Indian citizens above the age of 55 years are eligible for SCSS.
This statement is correct. The Senior Citizen Savings Scheme (SCSS) is a savings scheme that is specifically designed for Indian citizens who are 60 years of age or above. However, individuals who are 55 years or above but less than 60 years and have retired on superannuation or under a voluntary or special voluntary retirement scheme are also eligible to open an SCSS account. Therefore, all Indian citizens above the age of 55 years are eligible for SCSS.
Statement 2: Individuals are allowed to operate more than one account under SCSS.
This statement is incorrect. According to the rules of the Senior Citizen Savings Scheme, individuals are not allowed to operate more than one account under SCSS. Only one account can be opened by an individual or jointly with their spouse. The maximum investment limit for an SCSS account is Rs. 15 lakh. If an individual opens multiple accounts or exceeds the investment limit, the excess amount will be refunded without any interest.
Therefore, the correct answer is option B) 2 only as the first statement is correct but the second statement is incorrect.
This statement is correct. The Senior Citizen Savings Scheme (SCSS) is a savings scheme that is specifically designed for Indian citizens who are 60 years of age or above. However, individuals who are 55 years or above but less than 60 years and have retired on superannuation or under a voluntary or special voluntary retirement scheme are also eligible to open an SCSS account. Therefore, all Indian citizens above the age of 55 years are eligible for SCSS.
Statement 2: Individuals are allowed to operate more than one account under SCSS.
This statement is incorrect. According to the rules of the Senior Citizen Savings Scheme, individuals are not allowed to operate more than one account under SCSS. Only one account can be opened by an individual or jointly with their spouse. The maximum investment limit for an SCSS account is Rs. 15 lakh. If an individual opens multiple accounts or exceeds the investment limit, the excess amount will be refunded without any interest.
Therefore, the correct answer is option B) 2 only as the first statement is correct but the second statement is incorrect.
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Consider the following statements regarding Senior Citizen Savings Scheme (SCSS): All Indian citizens above the age of 55 years are eligible for SCSS. Individuals are allowed to operate more than one account under SCSS.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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