SENIOR CITIZENS SAVINGS SCHME – 2004

SCHEME:

F Notified under Sec.15 of the Government Savings Banks Act, 1873. [(To be Published in the Gazette of India: Extraordinary, Part-II – Sec. 3(i)]

F Comes into force from 2^nd day of August 2004. {Rule 1(2)}

F Period : 5 Years, extendable for further 3 years. {Rule 4(2)}

INTEREST:

F 9.00 % per annum. {Rule 7-(1)}

F Interest payable on 31^st March. 30^th June, 30^th September and 31^st December, as the case may be, from the date of deposit. {Rule 7(2)}

F Rs.5000/- + per quarter for a deposit of Rs.2,23,000/-.

ELIGIBILITY:

F Attained the age of 60 years or above. {Rule 2(d) (i)}

F Attained the age of 55 years or more for the retired under VRS / Special VRS, subject to the following conditions: {Rule 2 (d) (ii)}:

Ø Deposit should be made within 3 months from the date of deposit.

Ø A Certificate from the employer, indicating the fact of retirement (such as VRS or Special VRS), retirement benefits, and employment held alongwith period of such employment with the employer.

F Account may be opened in individual capacity or jointly with spouse. {Rule 3(3)}

LIMIT OF INVESTMENT: {Rule 4 (1)}:

F Minimum amount of deposit : Rs.1,000/- and further deposits in multiples of Rs.1,000/-.

F Maximum amount of deposit : Rs. 15,00,000/- (Rupees fifteen lakhs only)

TYPES OF FORMS USED:

Form – A ::: Application for placing deposit.{Rule 2(d)(ii)}

Form – B ::: Extension of deposit after the maturity period of 5 years. {Rule 4(3)}

Form – C ::: Fresh or Change of Nomination, during the live period of deposit {Rule 6(2&3)}

Form – D ::: Pay-in-Slip {Rule 3(1)}

Form – E ::: Withdrawal form at the time of maturity {Rule 8(1)}

Form – F ::: Claim form, in case of death of depositor {Rule 8(3)}

Form – G ::: Transfer of account from one deposit office to another: {Rule 11}

SPECIAL FEATURES:

F Account can be opened any deposit office {Rule 3(1)}

F Can be transferred to any post office in India {Rule 11}

F Can be deposited by cash for less than Rs. 1,00,000 – {Rule 5 (1)(a)} and by Cheque / DD {Rule 5(1)(b)}

F Enjoy best service and luck by placing deposit through us.

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