The RBI senior citizen scheme has definitely been an achievement for the government. By formulating and proposing schemes like the RBI senior citizen schemes, they did manage to take care of the concerns which the elderly class of our society has been carrying. The RBI senior citizen scheme, also known as SCSS, was implemented in the year 2004. The RBI senior citizens schemes can be availed through many nationalized banks, post offices and the ICICI bank across the country. By designating these institutions, government has taken another positive step in favor of the senior citizens. The huge and wide spread network of their offices makes the RBI senior citizen scheme easily accessible, which is an absolutely important requirement, considering the section of society it is catering to. Of course, the success of such specialized scheme depends on the facilities provided to the targeted section of the society.

The RBI senior citizen scheme is open to all retired citizens of India who have attained the age of 60 or 55 if retired on superannuation or some special voluntary retirement scheme. Accounts under the RBI senior citizen schemes can be opened in an individual manner or in a joint manner with the spouse, whose age doesn�t matter and is not regarded as a criterion for opening the account. Since the rate of interest for the account opened in the RBI senior citizen scheme is 9%, higher than other type of savings accounts, the scheme is definitely a very good option for senior citizens looking for a regular, safe and hassle free income. One must note that the interest earned on the investment in this scheme is completely taxable. TDS is applicable for the SCSS accounts. So a wise strategy has to be devised while investing your hard earned money.

This was just an introduction to the much useful RBI senior citizen scheme. We at Money Super Bazaar have collated much more information on the RBI senior citizen schemes, in an effort to be your friend for all financial matters. All features, pros and cons of the RBI senior citizen schemes have been put together in an easily fathomable and concentrated manner.