Senior citizen saving scheme (SCSS) is best interest paying scheme for eligible senior citizens - 60 years.
Investment in this scheme is also eligible for deduction under the income tax (IT) act section 80C. Interest in this scheme is 9.3% per year,which is quarterly compounding.
** 30. What happens if an account is opened in contravention of the SCSS Rules?
If an account has been opened in contravention of the SCSS Rules, the account shall be closed immediately & the deposit in the account, after deduction of the interest, if any, paid on such deposit, shall be refunded to the depositor. (Rule 12)
** 31. Whether commission is payable to the agents under the Scheme?
Payment of commission on the Scheme has been discontinued with.effect from December 1, 2011 (Government of India Notification dated November 25, 2011).
** 32. Which are the banks authorized to open an account under the SCSS, 2004?
At present, 24 Nationalized banks and one private sector / bank, as per list below, are authorized to handle the SCSS, 2004.
It may be noted that only designated branches of these banks have been authorized to handle SCSS, 2004.
State Bank of India (SBI)
State Bank of Hyderabad
State Bank of Bikaner and Jaipur
State Bank of Patiala
State Bank of Mysore
State Bank of Travancore
Allahabad Bank
Andhra bank
Bank of Baroda (B0B)
Bank of India (BOI)
Bank of Maharashtra
Canara Bank
Central Bank of India (CBI)
Corporation Bank
Dena Bank
Indian Bank
Indian Overseas Bank (IOB)
Punjab National Bank (PNB)
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank
IDBI Bank and
ICICI Bank Ltd.
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