Senior Citizens Savings Scheme

The Senior-Citizen Savings Scheme is a government-backed savings instrument offered to Indian residents who are above the age of 60 years. The rate is higher as compared to other saving schemes in India. The deposit comes with a maturity period of 5 years from the date account has opened with the additional extension of 3 years. The SCSS scheme is available both in the public sector and private sector banks. One can also apply for the same in nearest post offices.

Minimum and Maximum SCSS Deposit Limits

The depositors under SCSS are allowed to make a lump sum deposit of a minimum of Rs 1000. All deposits above Rs 1000 should be multiples of Rs 1000. The maximum SCSS limit is Rs 15 Lakh. One can also go cash deposit in the SCSS account, it is allowed only for an amount less than Rs 1 Lakh. If the deposit amount for the Senior Citizens Savings Scheme exceeds Rs. 1 lakh, using a cheque/demand draft for making the deposit is mandatory.

Maturity procedure of Senior Citizen savings scheme

All the deposits made under the Senior citizen Saving scheme mature after 5 years calculated from the date of account opening. However, the account holder does have the option of extending the account for an additional 3 years after 5 years maturity period gets over. This extension option is currently available just once and the extension request has to be made within 1 year of maturity of the SCSS account.

Eligibility for Senior Citizens Saving Schemes

To avail savings scheme for senior citizen saving scheme, the following is the eligibility criteria:

The scheme is available to any resident individual aged 60 years and above.
An individual who attained 55 years of age, but less than 60 years are also eligible to open a Senior Citizen Savings account under applicable superannuation or VRS rules. In such cases, the account should be open within 1 month of the receipt of retirement benefits.
The scheme is also available for the retired defense personnel irrespective of the above-mentioned age limits subject to fulfillment of other terms & conditions.
Non-Resident Indians (NRIs) and Person of Indian Origin (PIOs) are not entitled to open a Senior Citizens Savings Scheme account.

Taxability rules of SCSS Scheme

The investment made under the SCSS scheme qualifies for Income Tax Deduction benefit up to 1.5 Lakh under Section 80 C of the Income Tax Act, 1961.
Interest accrued on SCSS falls under the taxable slab. If the interest amount is more than Rs 50,000 annually, TDS is applicable to the interest earned. This limit for TDS deduction on SCSS investments is applicable from AY 2020-21 onwards.

Senior Citizens Savings Scheme Calculation Method

The deposit made as a part of the Senior Citizen Saving scheme is based on compound interest. It is paid out annually. These payouts are automatically credited to saving accounts held in the bank or post office where you have opened this saving scheme. Assume you have made a deposit of Rs 15 Lakh in SCSS, the maturity value is 5-year tenure:

5 year investment= Rs.15,00,000
1 year interest rate= Rs.1,11,000
Maturity Amount= Rs.20,55,000

How to Open an SCSS Account at Post Office

You are allowed to open Senior Citizen Saving Scheme almost in all the Post Offices. The interest earned from the SCSS account is automatically credited to the account of the depositor which is linked with the saving account at the same post office. The wide reach of India Post ensures that the option of SCSS account is available to Indians across the country- even those located in the most remote parts.

SCSS Account Registration at Banks

This scheme is available not only in Post offices but also available in Private sector and Public sector banks. The following are key benefits of opening a Senior Citizen’s Savings Scheme account at authorized banks:

The accrued interest is directly deposited into the depositor’s savings bank account held with the bank branch.
Standard account statements are forwarded to depositors through email or post.
24×7 customer service through phone banking services.

In case you are a senior citizen and planning to complete your SCSS registration at a bank, you will have to follow the applicable account opening procedure.

How to download Senior Citizen’s Application Form

The form is available both online and offline. You can download the form via the post office or any of the bank’s websites at per convenience. You can also make a visit to the bank or post office to get a Senior Citizen Saving Scheme Form.

Benefits of Investing in Senior Citizen Savings Scheme

We all know that it is a government-backed scheme that comes with all protection and assertion associated with all the government schemes i.e., sovereign debt.
It is giving a superior return with the highest interest rate of 7.4% per annum. It is counted as the most higher tax saving instrument under Section 80C.
The account comes with an initial maturity term of 5 years however this can be further extended to another 3 years. This encourages senior citizens to have this saving scheme as a medium or a long-term investment product in their financial kitty.
The investment done under this scheme is tax-deductible under Section 80C, of the Income Tax Act, 1961 up to Rs. 1.5 lakh per annum.
One can invest any amount in multiples of Rs. 1,000 up to the maximum cap of Rs. 15 lakhs. However, only one-time lump sum investments are allowed.
The option of premature withdrawal in case of financial emergencies (with applicable penalties).

How to Fill Senior Citizen’s Savings Scheme Application Form

You cannot open an SCSS account online, after downloading the SCSS application form, you are required to take a printout and submit it after filling the SCSS application form at the required bank or post office along with applicable supporting documents. The SCSS application form requires you to provide some key information at the time of opening a Senior Citizen’s Savings Scheme account such as:

Applicant name and PAN
Name of the primary applicant’s father/mother/husband/wife
In the case of a joint SCSS account with a spouse, you provide details of your spouse like name, age, and address.
Cheque/demand draft amount and number (if applicable)
Nominee name, age, and address (If you wish to have more than one nominee, mention detail of individual share of each nominee)

The procedure of SCSS account closure before maturity

In case of death of the primary account holder before the actual maturity SCSS account, all the deposit is directly transferred to the legal heir/ nominee. For deceased claims, the nominee or the legal heir will have to give a written application in prescribed format attaching along Death Certificate to facilitate the account closure.

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Personal Loan Interest Rate

The interest rates offered to customers are subject to variation based on their individual profiles. Typically, loan rates begin at approximately 10.25%. To improve the likelihood of obtaining a loan at a lower interest rate, it is advisable to maintain a strong credit history. Ideally, a CIBIL score above 750 is considered favorable.

Personal Loan Tenure

The repayment period for a Personal Loan typically ranges from 3 months to 6 years, allowing borrowers to choose a tenure that aligns with their requirements. Whether one needs a short-term or long-term loan, they have the flexibility to select a suitable repayment duration. However, it is crucial to ensure that the Equated Monthly Installment (EMI) amount is manageable and can be comfortably repaid each month.

Documents required to apply for a Personal loan

Financial institutions typically require certain documents before approving and disbursing a loan. These documents include identification proof, address proof, a copy of the PAN card, salary slips, recent bank statements, photographs, ECS mandates, and post-dated cheques.

Personal Loan With Zero Pre-Payment Fee

Certain NBFCs offer customers the flexibility to fully repay the loan amount or make partial pre-payments towards the principal. However, specific terms and conditions are typically associated with such pre-payments. For instance, pre-payment is usually allowed after 12 months, and a pre-payment fee may be levied on the repaid amount. Nevertheless, these terms may vary depending on the product, so it is essential to seek clarification from your lender regarding pre-payment policies before the loan disbursal.

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As discussed earlier, the interest rates for personal loans can vary based on the customer's profile. IndiaLends employs algorithms to strive to obtain the most competitive interest rate product available for each customer.

Personal Loan From Banks

Banks are financial institutions registered with the Reserve Bank of India (RBI) and engaged in various activities such as accepting deposits and providing loans. In addition to universal banks, the RBI has recently introduced payment banks and small finance banks. However, only universal banks and small finance banks are authorized to lend to individuals. Applying through IndiaLends offers the simplest method to obtain a personal loan from the leading banks in the country. IndiaLends has established collaborations with renowned banks and NBFCs, including HDFC, ICICI, RBL, IndusInd, Kotak, Yes Bank, and more.

Personal Loan From NBFCs

NBFCs are non-banking financial institutions registered with the Reserve Bank of India (RBI), primarily engaged in lending to individuals and businesses. Unlike banks, NBFCs are generally not authorized to accept customer deposits. They rely on borrowing funds from banks for their lending activities, which often results in comparatively higher interest rates on Personal Loans than those offered by banks. Additionally, NBFCs tend to cater to a higher-risk profile segment, leading to higher acceptance rates for loan applications.

New To Credit Loans

Although CIBIL and Experian maintain records for more than 150 million individuals, a significant majority have never borrowed from an RBI-regulated financial institution that is a member of a credit bureau. As a result, these individuals lack a credit bureau record, meaning they have no credit history or credit score. Due to the absence of a credit file, they often encounter difficulties in securing loans from financial institutions. However, IndiaLends has forged special partnerships with various banks, enabling them to assist some individuals who are new to credit (with thin credit files) in accessing low-interest personal loans.

Recently Declined Personal Loan Application

A significant number of consumers face loan application rejections from banks due to factors such as inadequate credit history, limited affordability, insufficient supporting documents, and more. However, IndiaLends can assist some of these customers in obtaining affordable loans through collaborations with specialized NBFCs.

Banks and NBFCs Partners

IndiaLends has established partnerships with a comprehensive range of lending institutions, encompassing both prominent and smaller entities. Our collaborations include renowned banks such as HDFC, ICICI, SBI, Kotak, IndusInd, Tata Capital, Bajaj Finserv, IDFC First, IIFL, IndiaBulls, RBL Bank, DHFL, Aditya Birla Capital, American Express, among others, ensuring a wide array of options for our customers.

Loans For Phones / Desktops / Laptops And Tablets

IndiaLends offers easy installment personal loans starting from as low as Rs. 25,000 for customers who wish to purchase the latest gadgets, whether it's an iPhone 7 or a MacBook Pro. This allows individuals to acquire their desired gadgets through manageable loan amounts and easy repayment options.

EMI Without Credit Cards

While e-commerce marketplaces offer convenient EMI options for significant purchases, these benefits are typically limited to customers who already possess credit cards. Unfortunately, this privilege extends to only a small proportion of the population, approximately 10 million individuals across the country. However, IndiaLends provides an accessible solution through its online personal loan, enabling individuals to swiftly make large-ticket purchases on e-commerce platforms and convert them into affordable EMIs. This expands the opportunity for a broader segment of customers to enjoy the convenience of EMI-based shopping on e-commerce portals.

Credit Report

A credit report serves as a financial report card, encompassing historical data regarding an individual's loans and credit cards. Various types of loan accounts are included, such as Credit Cards, Personal Loans, Home loans, gold loans, Car loans, Two-Wheeler loans, business loans, Loan against Property, Agriculture loans, and more. Each account provides detailed information about repayment history, loan amount, tenure, open and close dates, and other relevant details. Credit Bureaus utilize this information to assess the risk associated with an individual, resulting in a credit score. The credit score ranges from 300 to 900, and a higher score increases the likelihood of loan approval. In India, there are four credit bureaus—CIBIL, Experian, Equifax, and Hi-Mark—providing credit scores to individuals. IndiaLends has partnered with Experian and Hi-Mark credit bureaus to offer its customers free credit reports and analysis. Additionally, IndiaLends customers also receive complimentary credit report refreshments every quarter for the first 12 months.

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