SBI SCSS Account Opening Form 2023, check Eligibility, Deposit details, Interest Payment, Rates and Account Closure

If you’re a senior citizen looking for a reliable savings option, the State Bank of India (SBI) has you covered. You can easily open a Senior Citizen Saving Scheme (SCSS) account in 2023, and here’s how:

SBI’s Senior Citizen Saving Scheme Interest Rate

SBI’s Senior Citizen Saving Scheme offers an attractive interest rate of 8.2%. This rate is applicable to individuals aged 60 years and above for the period from October 1st to December 31st, 2023.

 SBI SCSS Account Eligibility

Individuals above 60 years of age.
Retired civilian employees aged between 55 and 60, provided they invest within one month of receiving retirement benefits.
Retired defense employees aged between 50 and 60, provided they invest within one month of receiving retirement benefits.
Accounts can be opened individually or jointly with a spouse.
In a joint account, the entire deposit is attributed to the first account holder.

SBI’s Senior Citizen Saving Deposit details

The minimum deposit required is Rs. 1,000, and you can add multiples of Rs. 1,000.
The maximum limit for all SCSS accounts opened by an individual is Rs. 15 lakh.
If you accidentally deposit more than the allowed limit, the excess amount will be promptly refunded, and only the PO Savings Account interest rate will apply from the date of excess deposit to the date of the refund.
Investments under this scheme qualify for the benefit of Section 80C of the Income Tax Act, 1961.

SBI’s Senior Citizen Saving Scheme Interest Payment

Interest is payable on a quarterly basis and applies from the date of the deposit to the end of the respective quarters (March, June, September, and December).
Unclaimed quarterly interest will not earn additional interest.
You can have the interest automatically credited to your savings account at SBI.
Note that interest becomes taxable if the total interest in all SCSS accounts exceeds Rs. 50,000 in a financial year. TDS (Tax Deducted at Source) will be deducted at the prescribed rate. However, no TDS is deducted if you submit Form 15G/15H, and the accrued interest does not exceed the prescribed limit.

SBI’s Senior Citizen Saving Scheme Account Closure

The SCSS account can be prematurely closed at any time after the date of opening.
If the account is closed before one year, no interest will be payable, and any interest already paid will be recovered from the principal.
If the account is closed after one year but before two years, 1.5% of the principal amount will be deducted.
For account closures between two and five years from the date of opening, 1% of the principal amount will be deducted.
Extended accounts can be closed after one year from the date of extension without any deduction.

SBI SCSS Account Closure on Maturity

The SCSS account can be closed after five years from the date of opening by submitting the prescribed application form along with the passbook at the concerned SBI bank.
In the event of the account holder’s death, the account will earn interest at the SBI Savings Account rate from the date of death.
If the spouse is a joint holder or sole nominee, the account can continue until maturity, provided the spouse is eligible to open an SCSS account and does not have another SCSS account.

SBI SCSS Online Account Extension

Account holders can extend their accounts for an additional three years from the date of maturity by submitting the prescribed Form B along with the passbook at the relevant SBI branch.
The account can be extended within one year of maturity.
Extended accounts will earn interest at the rate applicable on the date of maturity.
With SBI’s Senior Citizen Saving Scheme, you have a convenient and rewarding savings option tailored to your needs.

SBI SCSS Form Download 2023

To get started, you can download the SBI SCSS Form 2023 in PDF format from the official SBI website here. This form will help you open an account with a guaranteed interest rate designed for senior citizens.