However, the money you deposit in the Senior Citizens Savings Scheme (SCSS) is eligible for deduction under Sec.80C. However, in case of Senior Citizens Savings Scheme (SCSS), the account is closed after the expiry of 1 year but before the expiry of 2 years from the date of opening of the account, an amount 1.5% of the deposit shall be deducted and the balance paid to the depositor. There is a risk involved in the investment as the returns could decline if the bond yield declines due to non-performance. An individual who has attained the age of 60 years and above. There are retirement plans offered by mutual funds. If total income from all sources including interest is less than 5 lacs, how can we get exemption from TDS? HON’BLE MADAM FM, ARE YOU LISTENING !!?! # The current interest rate for SBI WeCare is 0.80% higher than the normal FD rates. my age is 51 now. my age is 43 after 10 years i want 30,000 rs / month pension , how much i can invest in one time. An individual may open an account in individual capacity, or jointly with spouse. 15,000/- on my attaining 55 years. Do not ever invest as an NRI invest (or even an RI) in any of SBI Life or any other Banks investment plans. # There is no tax benefit under this scheme. Apart from being tax deductible, the Senior Citizens Savings Scheme is an ultra-safe one backed by the government, making it an ideal option for retired taxpayers. Now I am at 34. I have completed 62 years and 6 months now. An individual can nominate one or more people during account opening time or anytime after it has been opened but before it is closed. I want to know at the age of 45 years if i should get 25,000 INR per month. My age is 56years, would like to retire next year and wish to get pension of Rs.25000 monthly at the age of 60 years. However, the maximum deposit that is allowed is Rs.15 lakh each. In case the account is closed on or after the expiry of 2 years from the date of opening of the account, an amount equal to 1% of the deposit shall be deducted and balance paid to the depositor. The scheme is open between May 12, 2020, and September 30, 2020. For more information, Check out related articles Andhra Bank SCSS, Corporation Bank SCSS, ICICI Bank SCSS, Union Bank SCSS & PNB SCSS. The content available on this linked site is subject to revision, verification and amendment without notice. # In the case of SBI WeCare Deposit, the term available is 5 years to 10 years. hi , i am a 44 year old self employed aromatherapist in Bangalore India.I plan to retire at 50 . Fixed Deposit Recurring Deposit Flexi Deposit Scheme Annuity Deposit scheme MOD SBI Tax Savings Scheme-2006 MACAD Reinvestment Plan SBI Holiday Savings Account(Cox & Kings) SBI Holiday Saving Account. I want to have a have a pension plan with a onetime premium . Please re-enter your phone number. The current interest rate on the Senior Citizens Savings Scheme (SCSS) is at 7.4%. Please advice me which plan is suitable for me. I want to get Rs. Post Office Senior Citizen Scheme (SCSS)-Benefits and Interest Rate. # This scheme is meant for Senior Citizens whose age is 60 years and above. An individual can have more than one account, if the total deposits in all the accounts does not exceed Rs.15 Lakhs, which is the maximum limit. No, an individual does not have to open a new savings account. Between SBI Wecare Deposit Vs Senior Citizens Savings Scheme (SCSS), which is the best one you can choose? Rate of interest. Now let us understand the difference between SBI WeCare Deposit Vs Senior Citizens Savings Scheme (SCSS). Would you please advise me of both, single as well as yearly premium. If there is any excess interest that has been paid after the account matures, it will be deducted. # SBI WeCare Deposit is available for up to Rs.2 Cr. For this reason, the quarterly interest rate is calculated as follows: Currently, the yearly SBI SCSS interest rate is 8.6% p.a. Who will be 60 years old and above on the account opening date, Who is 55 years old and more but below 60 years, but has retired on the account opening date, Who retired before these rules started and is 55 years old and above on the account opening date, Who is a retired Defence Services personnel is eligible to open an account. The entry age is reduced from 60 years to 55 years to those who have opted for voluntary retirement. This protects the account holders from decreasing interest rates. This is very inconvenient as senior citizens should. The depositor may nominate a person or more than one person. I prefer to pay as a single premium. However, investment above Rs.1.5 lakhs will be taxable. A joint SCSS account can be opened with the spouse only. The conditions, features and returns from the Lifelong Pension plus and smart pension are briefed here. I can deposit a sum of 75 Lakhs which is my saving with SBI and what kind of scheme you can offer to me. General conditions of the pension plans:-. An account holder can also foreclose the account after one year of opening it. A person has the option of opening an individual account or a joint account with his or her spouse. SCSS can be availed from a post office or a bank by anyone above 60. I prefer to pay as a single premium. # Premature withdrawal is allowed. SBI Finder will enable you to locate the ATMs, CDMs, E-Corners and Branches of State Bank of India, view them on maps and get directions to reach there. This Page is BLOCKED as it is using Iframes. State Bank of India wants you to be secure. Hence, if you tried to withdraw before maturity, then you will get the interest rate of 6.2%. The policy provides a life cover to the NRI proposer. Usually, the interest rate difference between normal citizens to senior citizens is 0.50%. That is why it is important to know how much a senior citizen will earn under the SBI Senior Citizens Savings Scheme. If there is no nominee, or if he or she has also passed away, then the refund will be made to the legal heir of the depositor. LET US UNITE AND DEMAND THE CAP FOR 30 LAKH WITH TAXFREE INTEREST !! While this is a safe mode of income via interest, it does not offer a lot of money and this is where schemes like the SCSS (Senior Citizens Savings Scheme) come into play. Leaving so soon? All the plans are aimed to rob you of your investments without pointing a gun and the SBI and HDFC bank agents are worse than snake oil salesmen who are only interested in getting their commissions. Privacy Policy. If you come across any such instances please inform us through e-mail to the following address-, Resident Foreign Currency (Domestic) Account, Inflation indexed national savings securities, Remittances (Other than UK, Canada, Middle East), Scope of NRI services - SBI Foreign offices, SBI Od Product For Business Correspondents (BCS), Distressed Assets Fund-Subordinate Debt for stressed MSMEs (DAF-SDSM), Setting up of Agri Clinic and Agri Business centres, Lending To Minority Communities Quarterly Progress Reports, Rural Self Employment Training Institutes (RSETIs), Personalized Banking & Lifestyle Benefits, Unauthorized Digital Transaction Reporting, Sustainability and Business Responsibility Policy. Lumpsum Amount Withdrawn. Thank you for visiting www.sbi.co.in, State Bank of India wants you to be secure. The retired person can open a joint account with his/her spouse and make investments by cash, cheque, or demand draft. need advice. If interest earned is less than Rs.10,000 in a financial year, TDS will not be required. However, the VRS takers should apply for this scheme within one month of receiving retirement benefits. please explain, sir,i am 42year old NRI holder five year plan investment to get 10000 rupees please explain, I am 46 years old NRI holder how much will be one time Investment to get monthly pension 15000 Rupees please explain. No, account holders cannot make multiple withdrawals as per their requirements. I need to be able to receive a monthly return of 50000/- INR. What will be the premium to get monthly pension of Rs 20000 at my 50 age ? There is an option to renew the account after a tenure of five years. However, the SBI WeCare Deposit offers you at 6.5%. Dear sir I like to know for NRI accounts can we have a nice pension scheme and monthly income of Rs 75000/ and all to be paid in single premium. Instead senior citizens can achieve high investment returns by investing in mutual funds of a general nature. How much to pay for a monthly pension of Rs 40000/-. If the said content contains any mistakes, omissions, inaccuracies and typographical errors, etc. The country's largest banker, State Bank of India (SBI), announced a special fixed deposit scheme for senior citizens called, SBI 'WECARE' Senior Citizens' Term Deposit scheme. © 2020 Copyright thinkrupee.com | All Rights Reserved • Contact Us. This number appears incorrect / invalid. Therefore, the joint account holder does not have to make any minimum deposit towards the account. Enter your number below. Top 10 Diwali 2020 (Samvat 2077) Mutual Funds / Stock picks, List of Fee-only Financial Planners in India and Fee Structure, Interest on interest waiver on loan moratorium – Eligibility and cashback calculation, LIC New Jeevan Shanti (No.858) – Single Premium Guaranteed Pension Plan, Saral Jeevan Bima Term Life Insurance – Features, Eligibility, and Benefits. # You can open this deposit only for 5 years to 10 years term. Nomination made by the depositor can be cancelled or varied. # The biggest difference is an interest payout. I'm aged 58. I will relive from job after 5 year. The scheme was available for investment from 15th August 2014 to 14th August 2015. Probably the first choice of most retirees, the Senior Citizens' Saving Scheme (SCSS) is a must-have in their investment portfolios. . 39. Request received - loud & clear!Returning you to where you were... (You can save searches, track your apps & save plenty of time!). Once an account holder locks the interest rate, it remains the same till the maturity of the scheme. If it is single premium plan then the percentage of sum accrued is 1% of the premium. For this financial year 2016-2017, the interest rate on SBI Senior Citizens Savings Scheme is 8.6% p.a. The deposit office will pay the deposit amount after 5 years from the account opening date. Apart from the current income tax provisions, no other exemption or rebate is admissible. There is an investment limit under the SBI Senior Citizens Savings Scheme. LIC Varishtha Pension Bima Yojana was introduced by the government as a pension scheme for senior citizens. who has attained the age of 55 years or more but less than 60 years and who has retired on superannuation or otherwise on the date of opening an account. # Loan facility is available in the case of SBI WeCare. The Senior Citizen Saving Scheme by SBI is available for retired taxpayers who want to generate income through safe investment. Your email address will not be published. If you come across any such instances please inform us through e-mail to the following address-, © Copyright State Bank of India (APM Id : Webs_Info_875), Site best viewed at 1420 x 768 resolution in Edge, Mozilla 40 +, Google Chrome 45 +, By clicking on the link "PROCEED" you will be re-directed to a third party website which is neither owned nor controlled nor endorsed in any manner by State Bank Group (SBG). According to this calculation, if you invest Rs.10,000, the interest you will earn will be Rs.217.5 (Rs.10,000*2.175/100). Also, deposits can be made only in multiples of Rs.1,000.