Question
In the Senior Citizen Savings Scheme (SCSS), what is the
age limit for the second applicant in a joint account?Solution
There is no age limit for the second applicant in a joint Senior Citizen Savings Scheme (SCSS) account. Senior Citizen Savings Scheme • Tenure: 5 years, with an option to extend in blocks of 3 years. • Investment Limits: Minimum of Rs. 1,000; Maximum of Rs. 30 lakh. • Benefits: o Safe and reliable investment. o Higher returns compared to FD or savings accounts. o Tax deduction up to Rs. 1.5 lakh under Section 80C. • Premature Withdrawal: Permitted with penalties up to 1.5%. • Eligibility: o Indian citizens above 60 years. o Retirees aged 55-60 (VRS or superannuation) can invest within a month of retirement. o Retired defence personnel aged 50-60. o Spouse of deceased state/central government employees (if employee was 50+). • Joint Account: Can only be opened with a spouse, with no age limit for the second applicant; deposit attributable only to the first account holder. • Exclusions: HUFs and NRIs are not eligible.
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