One of the most trusted and extremely popular banks, Andhra bank is also one of the leading banks in India. Its existence dates back to as early as the year 1923. The bank offers a wide array of financial products and services to a strong customer base. It provides financial solutions to segments like retail, agriculture, MSME, corporate, NRI, apart from having a presence through online banking.
Retirement comes with a share of uncertainties, primarily financial worries. To ensure that an individual leads a stress-free life even after retirement, government has introduced Senior Citizens Savings Scheme. Andhra Bank’s Senior Citizen Savings Scheme comes with a share of lucrative features and benefits. The scheme offers guaranteed financial returns to senior citizens by enabling them to engage in safe investment through this scheme.
Features and Benefits of Andhra Bank Senior Citizens Savings Scheme
- The tenure of the scheme is 5 years, and this can be extended by a period of 3 years.
- The interest provided on this scheme is fully taxable.
- The scheme is also subject to tax at source deduction.
- The deposit amount made by the account holder should be in multiples of Rs. 1000.
- The upper cap provided on the deposit limit is a maximum of Rs. 15 lakhs.
- Depositors have the freedom to withdraw the amount in the account, prematurely, after one year of opening the account. Please note that this premature closing of the account is subject to penalty charges.
- This account is not transferable to others, neither is it tradable.
- A single depositor can hold this type of account both in single or joint holding modes. Joint holding is allowed only with the primary account holder's spouse.
- Account holders enjoy nomination facility on this account.
- One can procure the application form for Andhra Bank SCSS from any one of the 418 designated branches of the bank. Application Forms for the same are also available online.
- Transfer of account from one deposit office to another is permitted in case of change of residence.
- Non Resident Indians and Hindu Undivided Family are not eligible to open an account under the scheme.
Rate of Interest on Andhra Bank Senior Citizens Savings Scheme
Senior Citizens Savings Scheme interest rate, in accordance with RBI directives, for SCSS is 9.3% per annum, and is computed quarterly.
Andhra Bank Senior Citizens Savings Scheme Eligibility
To open a Senior Citizen Savings Scheme account with Andhra Bank, the depositor needs to possess the following eligibility criteria –
- He/she needs to be at least 60 years old or above on the date of opening of an account.
- The applicant can also be 55 years old or more, but less than 60 years old. He/she needs to have retired on superannuation or voluntary/special retirement scheme on the date of opening an account.
- The applicant can open a joint account, under this scheme, only with his/her spouse.
- Any retired personnel of Defence Services (excluding civilian Defence employees) are eligible to open this account irrespective of the aforementioned age limit. But they must fulfil the other specified conditions.
- Non Resident Indians and Hindu Undivided Families cannot open this type of account.
1. I hold a SCSS account with Andhra bank, but now I am changing my residence to another location? Do I have the option of transferring the account to a branch near my house?
Yes, Andhra Bank allows SCSS account holders to transfer the account from one deposit office to another in case of change of residence.
2. I am 57 years old and wish to open a SCSS account with Andhra Bank. Am I eligible for the same?
Yes, you are. Andhra Bank SCSS account depositors can be 55 years old or more, but less than 60 years old. He/she needs to have retired on superannuation or voluntary/special retirement scheme on the date of opening an account.
3. Who is not eligible to open a SCSS account with Andhra Bank?
Any individual above 60 years age (except if he is a defence personnel), Non Resident Indians and Hindu Undivided Families aren’t eligible to open a SCSS account with Andhra Bank.