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investment

vikas (accountant) (40 Points)

15 December 2009

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vikas (accountant) (40 Points)
Replied 15 December 2009

Mrs. Sita (age 55) getting Retirement -cum-Death gratutity (rs. 500000) of her husband, can invest this money in senior citizens saving scheme

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CA Anand Oberoi (Chartered Accountant) (296 Points)
Replied 16 December 2009

it can be possible if Mrs. Sita is herself a senior citizen. otherwise it cannot be done.

Debashis Mandal (Business & Tax Consultancy) (341 Points)
Replied 16 December 2009

Dear Vikashji,

Sr. Citizen savings scheme is what - which attracts higher interest rate? so if she is 55 then she will not be allowed to invest in such schemes, so it does not depends on her choice but as per the schemes requirments.

Thanks

Debashis

vikas (accountant) (40 Points)
Replied 16 December 2009

Sir, I Need some clarification about eligiblity to invest in SCSS (who getting family pension (husband dies while in service and getting diff. funds from department currently)

Senior Citizens Savings Scheme Rules,2004 (rule 2 -ii) and (rule 4-i-explanation ( I got it from www.finmin.nic.in/the_ministry/dept_eco.../SeniorCSavingSch.pdf

Provided that deposits by depositors under sub-rule (ii) of rule 2, shall be restricted to the retirement

Explanation:-

For the purposes of this sub-rule, “retirement benefits” means any payment due to the depositor on account of retirement whether on superannuation or otherwise and includes Provident Fund dues, retirement/superannuation gratuity, commuted value of pension, cash equivalent of leave, savings element of Group Savings linked Insurance Scheme payable by employer to the employee on retirement, retirement-cum-withdrawal benefit under the Employees’ Family Pension Scheme and exgratia

Dilip Wankhede (A/c Manager) (63 Points)
Replied 16 December 2009

Dear Vikas,

Mrs. Sita is not a senior citizen. So Please note she can't invest in this SCSS.

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CA Anand Oberoi (Chartered Accountant) (296 Points)
Replied 16 December 2009

Mr. Vikas . link provided by you is not working. Mrs. Sita is only 55 years age. she herself is not eligible to deposit in such scheme whatever is the nature of the funds.