The Corporation Bank Senior Citizens Savings Scheme(SCSS) is one of the best options available in the market for senior citizens to engage in safe investments and generate guaranteed returns. The depositor can nominate one or more persons under this plan.
Corporation Bank was founded in the year 1906. It started with an initial capital of Rs. 5000. In the year 1997, it became the second Public Sector bank in India to enter the capital market. Corporation Bank was nationalised in the year 1980, and has emerged as one of the leading banks. Currently, it boasts of a strong and wide network of fully automated CBS branches, thousands of ATMs, 4685 branchless banking units, and more than 18,000 dedicated employees, spread across the length and breadth of the nation.
As they say, post retirement is the time to relax, unwind and enjoy your life; free of worries. Savings form an integral part of one’s existence. To give the freedom of continuing to save and getting guaranteed returns through safe investment, Corporation Bank offers Senior Citizens Savings Scheme. As per the regulations of Government of India Senior Citizen Savings Scheme should be made available to customers through all branches of Public Sector Banks which are operating PPF Scheme, 1968.
Features and Benefits of Corporation Bank SCSS
- Corporation Bank SCSS (Senior Citizens Savings Scheme) can be opened by a depositor at any deposit office by making an application in Form A along with the amount of deposit.
- The deposit amount should be in multiple of one thousand rupees.
- The depositor also needs an age proof to open the scheme.
- One single depositor has the freedom to hold more than one account of this scheme. But this is subject to the condition that deposits in all the accounts, added together should not exceed a limit of Rs. 15 lakhs.
- If there is only one deposit in the account, then it needs to be in the multiple of one thousand rupees and cannot exceed rupees fifteen lakhs.
- Withdrawals are not permitted before the expiry of a period of five years from the date of opening of an account.
- After a maturity period of 5 years, the depositor may extend the account for a further period of 3 years. In this case, an application in Form B should be made within a period of one year (after the date of maturity period).
- If the deposit amount is less than a lakh, then it can be deposited in cash.
- If you wish to make a payment by cheque or demand draft, then draw it in favour of the depositor, and it should be endorsed in favour of the deposit office.
- The depositor has the freedom to choose one or more people as nominee/nominees, at the time of opening of the account. This can also be done any time after the opening the account. The procedure to carry it out is by an application on Form C accompanied by the passbook to the nearest Corporation Bank branch. The depositor can also cancel or change the course of the account, before expiry.
- In case the depositor does not close or extend the account on maturity, his/her account will be treated as matured. In this case the depositor will be enjoy interest rate applicable to the deposit under post office savings account (during the post maturity period).
Corporation Bank SCSS Eligibility
The following are the eligibility criteria to open a Senior Citizen Savings Scheme account with Corporation Bank -
- You need to be at least 60 years old or above on the date of opening of an SCSS account.
- Applicant can also be 55 years old or more, but less than 60 years old. He/she needs to have retired on superannuation or otherwise on the date of opening an account.
- 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.
- NRIs and HUFs cannot open this type of account.
Corporation Bank SCSS Interest Rates
The Corporation Bank Senior Citizen Saving Scheme Interest Rate, in accordance with RBI directives, for SCSS (Senior Citizens Savings Scheme) is 9.3% per annum, and is computed quarterly.