Question
What is the maximum amount in Senior Citizen Savings
Scheme Account?Solution
- An individual of the Age of 60 years or more may open the Senior Citizen Savings Scheme account.There can be only one deposit in the account in the multiples of INR.1000/-, not exceeding INR 15 lakh.
- Account can be opened by cash for the amount below INR 1 lakh and for INR 1 Lakh and above by Cheque only.
- Premature closure is allowed after one year on deduction of an amount equal to1.5% of the deposit & after 2 years 1% of the deposit.
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