SCSS

Tenure of the scheme

5 years which can be extended by 3 more years

Rate of interest

9 per cent per annum

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

Rs. 1000/-

Maximum investment limit

Rs. 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) shall be eligible to invest irrespective of the age limits subject to the fulfillment of other specified conditions

Premature withdrawal facility

Available after one year of holding but with penalty

Transferability feature

Not transferable to others

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 but only with spouse

Application forms available with

Post Offices and designated branches of 24 Nationalised banks and one private sector bank

Applicability to NRI, PIO and HUFs

Non resident Indians, Persons of Indian Origin and Hindu Undivided Family are not eligible to open an account under the scheme.

Transfer from one deposit office to another

Transfer of account from one deposit office to another in case of change of residence is permitted