Can I have multiple senior citizen saving scheme?

Multiple Accounts- An individual can open multiple Senior Citizen Savings Scheme accounts, individually or as a joint investor. The other investor must be the spouse of the primary investor. Flexible Duration-The The SCSS account comes with a time period of five years but it can be extended up to 3 more years.

How many accounts can be opened under SCSS?

An individual can open multiple Senior Citizen Savings Scheme (SCSS) accounts either individually or as a joint investor. Getty Images Senior Citizens Savings Scheme Account allows maximum investment amount of Rs 15 lakh.

How many accounts can be opened under SCSS by a senior citizen in a month?

Also, more than one account shall not be opened in the same deposit branch during a calendar month.

Can a senior citizen open SCSS accounts both in post office and SBI for 15 Lacs each in one name?

The amount to the credit of the SCSS account is attributable only to the first account holder. Both spouses (if eligible as per age criteria) can hold single and joint accounts with each other with maximum deposit of up to Rs 15 lakh in each account.

Can a senior citizen open both SCSS and PMVVY?

Senior citizens with the age of 60 years or more can invest in PMVVY and SCSS schemes. The overall investment permissible is Rs 15 lakh in both schemes.

How many times we can deposit in SCSS?

1000. Also, individuals can make a deposit only once, at the time of opening an account. Eligible individuals can start more than one account under this scheme. However, the deposit limit of all those accounts combined is also capped at Rs.

Can I invest 15 lakh each in SCSS and Pmvvy?

Can a senior citizen open both SCSS and Pmvvy?

Both PMVVY and SCSS are applicable only to senior citizens with a minimum age limit of 60 years and over. So this is your guide to who can invest in SCSS and who can invest in PMVVY. Only, SCSS can also be acquired from those who have received VRS.

Can I open two account in post office?

Under this section, 2 or 3 adults can open a post office account jointly. They can open any number of accounts; but in one post office, they can opt for only one account. There is no maximum limit for the deposit under this scheme.

Is PM Vaya Vandana Yojana taxable?

The investment made into Pradhan Mantri Vaya Vandana Yojana is exempt from the income tax as U/S 80CCC of the Income Tax Act, 1961. The pension received on the investment is an annuity, which is taxable in the hands of the annuitant.

Can I invest multiple times in PMVVY?

If you’ve invested in the earlier version of PMVVY, you won’t be allowed to invest more than ₹15 lakh in both versions put together. The scheme guarantees pension payouts for 10 years, with a return of principal at maturity.