A SCSS account can be opened when a resident individual-

• Attains 60 years of age.
• Has opted for Voluntary Retirement Scheme or Superannuation, and fall in the 55-60 years age bracket.
• Is a retired defence personnel, having attained age 50

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Yes, a joint account can be opened with one's spouse only.

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The tenure of the scheme is 5 years. You can extend the account for a period of 3 years, once. 

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 The investment limit is set as Rs.30 lakh per individual or account. The amount pertaining to any individual or account cannot exceed Rs. 15 lakh irrespective of the type of holding.

For Example:

Mr. A operates an SCSS account alone- Investment limit is Rs. 30 lakh

Mr. A as the first holder operates an SCSS account with his wife as a joint holder- Investment limit is Rs. 30 lakh

Mrs. A as the first holder operates an SCSS account with her husband as a joint holder-investment limit is Rs. 30 lakh.

Mr. A and Mrs. A operate an SCSS account separately. The investment limit is Rs. 30 lakh each. Therefore total deposits can amount to Rs.60 lakh

An individual can open as many SCSS accounts. However, the total deposits across all accounts cannot exceed Rs. 30 lakh.

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The interest rate on SCSS is reviewed by the Central Government on a quarterly basis. The current interest rate effective for the quarter Jan-Mar'24 is 8.20% per annum.

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 The investor earns the same rate of interest throughout the tenure, prevailing at the time of entry. The change of interest rate by the government is for new investors. If the investor extends the account, he/she will earn interest based on prevailing rates at the time of initial maturity.

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 Yes. Pre-mature withdrawals are allowed subject to penalties.

No interest is payable if withdrawal is made within 1 year. 1.50% of the deposit amount is deducted before completion of 2 years and 1.00% of the deposit amount is deducted after 2 years.

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No. The SCSS account does not provide loan facilities.

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 The nominees/legal heirs of the account holder will receive the maturity benefits. 

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The interest calculated is credited to the account holder’s account on the 1st day of every quarter beginning (April, July, October, January).

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Yes. Contribution to SCSS is eligible for deduction under Section 80C for an amount of up to Rs.1.50 lakh. Interest is taxable. TDS on interest will be deducted if the amount exceeds Rs.50,000/-

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