senior citizen saving scheme

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Senior Citizen Saving Scheme
Oriental Bank of Commerce is authorized to operate Public Provident Fund (PPF)/Sukanya Samriddhi Account/Senior Citizen Saving Scheme/Kissan Vikas Patra through 1847 Branches across the India. Click here to locate the Branch
Tenure of the deposit account 5 years, which can be extended by 3 years.
Rate of interest 8.70%* per annum.(*- subject to change as per Govt. notification)
Frequency of computing interest Quarterly
Taxability Interest is fully taxable.
Whether TDS is applicable Yes. Tax will be deducted at source.
Investment to be in multiples of ₹ 1000/-
Maximum investment limit ₹ 15 lakh
Minimum eligible age for investment 60 years (55 years for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) will be eligible to invest irrespective of the age limits subject to the fulfillment of other specified conditions
Premature closure/withdrawal facility Permitted after one year of opening the account but with penalty.
Transferability Not transferable
Tradability Not tradable
Nomination facility Nomination facility is available.
Modes of holding Accounts can be held both in single and joint holding modes. Joint holding is allowed only with spouse.
Application forms available with Designated branches of our bank
Applicability to NRI, PIO and HUFs Non Resident Indians (NRIs), Persons of Indian Origin (PIO) and Hindu Undivided Family (HUF) are not eligible to open an account under the Scheme.
Transfer from one branch to another Transfer of account from one branch to another is permitted.
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