
To Be Filled by Customer in CASE of NOMINATION in SCSS Form


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People also ask
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What are the rules of SCSS scheme?
SCSS accounts have a tenure of five years. The account can be closed prematurely at any time after opening, and you can extend it for another three years from the date of maturity within one year of maturity. The income tax deduction can be claimed of up to Rs. 1,50,000 under Section 80C of the Indian Tax Act, 1961.
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Which bank is best for SCSS?
List of Banks offering Senior Citizen Saving Schemes ICICI Bank Senior Citizen Saving scheme. Union Bank of India. Punjab National Bank. State Bank of India Senior Citizen Saving Schemes. Bank of India. Bank of Baroda. Bank of Maharashtra. Indian Bank.
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What happens if the SCSS account holder dies?
However, the rules state that the SCSS account must be closed. The deposited amount, along with applicable interest, will be paid to the nominee or the legal heir.
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What is the fee for transfer of account from one deposit office to another in SCSS?
Provided that where the deposit is rupees one lakh or above, a transfer fee of rupees five per lakhof deposit for the transfer and rupees ten per lakh of deposit for the second and subsequent transfer shall be payable.
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What is the full form of SCSS?
Senior Citizen Savings Scheme (SCSS) is a government-sponsored savings instrument launched in 2004, intending to provide senior citizens with a steady and secure source of income for their post-retirement life. . Which saving scheme is best for senior citizens?
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Can a SCSS account be transferred from one bank to another bank?
You have the facility to transfer your account from one post office/bank to another post office/bank. All you need to do is fill out the 'account transfer form' and submit it where you have your savings account. You will be charged a nominal amount to fulfill this transfer facility.
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Can I transfer SCSS to another bank?
You can transfer the SCSS account by submitting Form G to the post office along with the required documents for transfer of account to the bank of your choice.
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What are the disadvantages of a senior citizen savings scheme?
Disadvantages of Senior Citizen Savings Scheme (SCSS) Age Restriction. Interest Not Compounding. Taxability of Interest Income. Maximum Investment Limit. Inadequacy of Investment Options. Limitations of Availability. Non-Transferability. Inflation Influence.
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