Yes, a joint account can be opened only along with your spouse.
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2. What is the age requirement for the second applicant of the joint account?
In case of a joint account, the age of 1st applicant is the only factor to decide eligibility for investing under the scheme. There is no age limit for the second joint account holder.
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3. What is the share of the joint account holder in a joint deposit account?
Only the first applicant is eligible to make deposits under this scheme, so the question of a share for the joint account holder or spouse does not arise.
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4. If the depositor does not close the account on maturity and does not extend the account for a further three years, then how will interest be calculated?
After the date of maturity, the account shall be considered matured. The current post maturity interest rate applicable to deposits under the Post Office Savings Accounts will be permissible for the period after maturity. The amount of excess interest paid (at the higher rate applicable to deposits under SCSS) after maturity shall be deducted.
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5. Is there any Income Tax rebates or exemptions
No Income Tax rebate is permitted under the scheme. The existing Income Tax provisions will apply.
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6. Can 'A' open a joint account with his/her spouse 'B' with maximum admissible deposits of Rs.15 lakh and similarly 'B' open another account individually or jointly with 'A'?
Yes, both spouses can open individual or joint accounts with each other. The maximum deposit should be up to Rs.15 Lakh each.
7 Do I need to open a new savings account to get interest that is credited periodically?
No such requirement is specified. You will get the due interest credited to your existing savings account.
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8. Are multiple withdrawals permitted?
No. However, there is no limitation on opening multiple accounts within the overall ceiling limit of Rs.15 lakh.
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9. Is any fee charged for nomination and/or change or cancellation of nomination?
No such fee is charged.
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Features of Senior Citizen Savings Accounts
1. Who has attained age of 60 years or above on the date of opening of the account?
2. Who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.
3. No age limit for the retired personnel of Defense services provided they fulfill other specified conditions.
4. The account may be opened in individual capacity or jointly with spouse. Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account.
5. The individual may open one or more account in the multiple of INR.1000/-, subject to a maximum limit of INR.15 lakh.
6. No withdrawal shall be permitted before the expiry of a period of five years from the date of opening of the account. The depositor may extend the account for a further period of 3 years.
7. Premature closure of account is permitted.
8. After one year but before 2 years on deduction of 1 ½ % of the deposit.
9. After 2 years but before date of maturity on deduction of 1% of the deposit.
10. In case of death of the depositor before maturity, the account shall be closed and deposit refunded without any deduction along with interest.
11. Interest @ 9% per annum from the date of deposit on quarterly basis. Interest can be automatically credited to savings account provided both the accounts stand in the same post office.
12. Interest rounded off to the nearest multiple of rupee one.
13. Post Maturity Interest at the rate applicable to the deposits under Post Office Savings Accounts from time to time is admissible for the period beyond maturity.
14. Nomination facility is available in the Senior Citizens Savings Scheme.
15, The investment under this scheme qualify for the benefit of Section 80C of the Income Tax Act. [as per prevailing rules]
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