SCSS Interest Rate: SBI has stated in its Frequently Asked Questions (FAQ) about SCSS that an investor can open more than one SCSS account subject to certain rules.
Senior Citizen Savings Scheme: Guaranteed returns are available in various investment schemes run by the government. Senior citizen savings scheme, one of the government savings schemes, is very much liked among the people. Senior Citizen Saving Scheme (SCSS) is getting interest at the rate of 8.2% on investments between October-December quarter. Any person can invest up to Rs 30 lakh in this account. But do you know how many accounts can be opened in it?
Who can invest in SCSS?
Any person aged 60 years or above can invest in SCSS scheme. Retired persons above 55 years of age but less than 60 years can also opt for this scheme. If you invest within one month of retirement, its tenure is five years. But its maturity period can be extended for three years.
Can more than one account be opened?
SBI has stated in the Frequently Asked Questions (FAQ) about SCSS that an investor can open more than one SCSS account subject to certain rules. Experts say that you can open SCSS account in bank and post office. If you open more accounts than you have, then the amount deposited by you should not exceed Rs 30 lakh.
According to the FAQ given on SBI website, husband and wife can open single account and joint account with each other. It was also told by the bank that the amount deposited in the joint account will be considered that of the account holder first. According to the FAQs given on the website of Bank of India (BOI), any investor can open more than one SCSS account but its total amount should not exceed the fixed limit of Rs 30 lakh.
This means that senior citizens can open more than one SCSS account in banks and post offices. The total amount deposited in all SCSS accounts should be Rs 30 lakh or the amount received on retirement, whichever is less.
