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Senior Citizen Savings- Select The Bank

About Senior Citizen Savings

Senior citizen savings scheme India is a unique savings scheme for senior citizens launched by Government of India in 2004. According to the Senior citizen savings scheme India, the Reserve Bank of India directs various public sector banks and a private sector bank across India to provide a special senior citizen savings account option. Basically the senior citizen savings scheme India is available at post offices, most of the branches of State Bank of India, many other nationalized banks and only one private sector bank which is the ICICI bank. So this means that the senior citizens can open a senior citizen savings account at any of these designated places.

The major advantage of opening a senior citizen saving scheme SBI is the wide network of bank's branches across the country. And similar to the senior citizen saving scheme SBI, opening the senior citizen savings account with a post office or the ICICI bank also carry similar benefit. They also have a wide reach and a considerable network across India. Probably this factor has been the most compelling one for the authorities while choosing the institutions where a senior citizen savings account can be opened. The intention has been to make the senior citizen savings scheme India more useful and popular.

The senior citizen saving scheme SBI requires the person to have attained the age of 60, which is the specified age by government of India to be recognized as a senior citizen. However, to open a joint senior citizen savings account with the spouse, there is no age limit for the second applicant. The tenure of the senior citizen savings scheme India is 5 years with a possibility of a 3 years extension. However, premature withdrawal facility is available after one year but with some penalty. The rate of interest in the senior citizen saving scheme SBI is computed quarterly at the rate of 9%. Note that the interest earned on the senior citizen saving scheme SBI is completely taxable. The tax is deducted at source.

We hope the above information has been useful for all our readers in knowing what the senior citizen savings scheme India is all about. At Money Super Bazaar, there is lot more on such schemes and presented in an easily understandable manner.

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