Can spouse continue SCSS after death?
Conversation. The nomination facility is available with the Senior Citizen Savings Scheme (SCSS). If the nominee is a spouse, he/she can continue the account after the death of the depositor. There is no restriction on the age of the spouse.
(3) In case of death of a depositor before maturity, the account shall be closed and deposit refunded on an application in Form 'F' alongwith interest applicable to the scheme till the date of death on which the depositor expired, to the nominee or legal heir in case the nominee has also expired or nomination as ...
Yes. Both the Spouses can open individual and/or joint accounts with each other with the maximum deposits upto Rs. 15 Lakh each, provided both are individually eligible to invest under relevant provisions of the rules governing the scheme.
Yes, an account be transferred from one deposit office to another. Can an SCSS account be extended? Yes, the SCSS account can be extended for three years after the completion of five years.
A Senior Citizen Savings Scheme (SCSS) account has a tenure of five years and the deposited amount is paid back to the investor on maturity. While the depositor can open a new SCSS account after the maturity, however, the depositor has the option to extend the maturity by three years.
Nomination Facility under Senior Citizen Savings Scheme
Additionally, this scheme also allows you to nominate a person or more than one person when they open an account. You can nominate even after opening your account, and not after the closure of the account.
What should be the age of the spouse in case of a joint account? In case of a joint account, the age of the first applicant / depositor is the only factor to decide the eligibility to invest under the scheme. There is no age bar/limit for the second applicant / joint holder (i.e. spouse).
Flexible Duration-The The SCSS account comes with a time period of five years but it can be extended up to 3 more years. This way, the Senior Citizen Saving Scheme acts as a mid-term and a long-term investment tool as well.
Also, individuals can make a deposit only once, at the time of opening an account. Eligible individuals can start more than one account under this scheme. However, the deposit limit of all those accounts combined is also capped at Rs. 15 lakh.
Minimum and maximum amount: Only a single deposit is allowed to be made in the account. It can be in the multiples of Rs. 1,000 and the maximum amount that can be deposited is Rs. 15 lakh.
Is 15H applicable for SCSS?
Taxation: Investments in SCSS is eligible for tax deduction under Section 80C of IT Act. However, interest earned is fully taxable and tax is deducted at source only if the total interest exceeds ₹10,000 in a year. However, if income is not taxable, one has to provide from 15H or 15G to prevent TDS.
You can extend the Senior Citizen Savings Scheme (SCSS) Account up to 8 years. On maturity after 8 years, can I open another account? The tenure of Senior Citizen Savings Scheme (SCSS) Account is five years.
One can invest a maximum of Rs 15 lakh in Senior Citizens' Savings Scheme (SCSS) in their individual capacity. But one can hold a joint account with one's spouse, where the spouse has to be a first holder, and deposit another Rs 15 lakh. So, effectively, one can deposit a maximum amount of Rs 30 lakh.
Interest on SCSS is taxable as per the tax slab applicable to the person. In case the interest amount earned is more than Rs. 50,000 for a fiscal year, Tax Deducted at Source (TDS) is applicable to the interest earned. This limit for TDS deduction on SCSS investments is applicable from AY 2020-21 onwards.
Senior citizens aged 60 years or more can invest in PMVVY and SCSS schemes. The maximum investment permissible is up to Rs 15 lakh in each scheme.
Premature withdrawal of SCSS account deposit is allowed. If an individual makes partial withdrawals after one year of account opening, then penalty charges will not apply.
- Invoke the menu CMRC then select the function as "Modify" and enter the CIF id of the deceased customer as shown.
- Then click on submit then the system will show the message modified successfully and verify the same in the supervisor.
For the quarter July 2022 to September 2022, there will be no change in the post office small savings interest rates. As per the PTI tweet, “the government keeps interest rates on small savings schemes unchanged for July-Sept quarter.”
As per SCSS Rules, only one deposit is allowed in one SCSS account. There will be no additional benefit under Section 80C for the extension of an existing account after five years."
The government reviews the SCSS rates quarterly. However, once a subscriber has enrolled, the rates will remain unchanged for the tenure. For the fourth quarter of FY20-21, the rate has been set at 7.4 per cent, compounded annually. The payout of interest is quarterly.
Is SCSS eligible for 80C?
5 year Senior Citizen Saving Scheme (SCSS) offers following benefits to its investors : Tax Benefit: Amount invested is eligible for tax benefit upto Rs 1.5 lakhs under section 80C.
The nomination facility is available with the Senior Citizen Savings Scheme (SCSS). If the nominee is a spouse, he/she can continue the account after the death of the depositor. There is no restriction on the age of the spouse.
- Invoke the menu CMRC then select the function as "Modify" and enter the CIF id of the deceased customer as shown.
- Then click on submit then the system will show the message modified successfully and verify the same in the supervisor.
If there is nomination, the nominee can prefer the claim in the prescribed form alongwith death certificate. If there is no nomination, any one of the legal heirs can prefer the claim in the prescribed form [SB84]. For this death certificate and consent statements of all legal heirs are required.
Premature withdrawal or closure of the SCSS account is permitted after completion of one year from the date of opening the account after deducting a penalty for early withdrawal or closure. The penalty varies from 1-1.5 per cent, depending on the completed tenure of the account.
