Senior Citizen Saving Scheme

We had tried to explain about the Senior Citizen Saving bank scheme here. following are the crux of this scheme:-

Eligibility -

Indian resident - age above 60 yrs

VRS holders age 55 years and above

Retired Defence persons irrespective of age ( some conditions needs to be satisfy)

Benefit-

1. Interest @ 7.4 % Investment can be done for 5 Yr Pre maturity allowed there is some panelty of 1.5% or 1 % see the document of investment

2. Minimum deposit 1000 and maximum 1500000

Tax Benifits -

1. Interest is not taxable up to 50000/- u/s 80 TTB

2. TDS is not applicable till interest earned 50000/- on above amount TDS required to be deposited.

3. TDS rate at present is 7.5% ( st. rate is 10%)

4. 80 C deduction allowed up to 150000 deposited under this scheme ( if opted old scheme of taxation)

From Where it can be done any private sector bank and Govt sector bank & post Office.

We have video on this pls click on the link...below.. or visit our video section

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Regards

Team CA Sunil Sakral

casunilsakral@gmail.com