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Senior Citizens Savings Scheme
New Delhi: July 14, 2004

A new Savings Scheme called the Senior Citizens Savings Scheme, announced in the Budget 2004-05 is expected to come into effect from August 1, 2004.

The Scheme will be available through post offices initially, to persons above 60 years of age and will have a maximum deposit ceiling of Rs.15 lakh. The deposits will carry an interest rate of 9 percent per annum. The interest will be payable at quarterly rests on non-cumulative basis. The tenor of the deposits will be 5 years with facility for premature withdrawal subject to conditions. The deposits will be non-transferable. Nomination facility will, however, be available. The interest income will be subject to tax as per the provisions of the Income-tax Act.

The existing small savings schemes available exclusively through post offices will continue to be operated as hithertofore, i.e., through post offices only and not through banks.

Press Release: PIB
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