Andhra Bank
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Toll Free Number: 1800 425 1515

Call 040-23122297 for Internet & Mobile Banking/ATM -24x7 Helpdesk or mail to us on adchelpdesk@andhrabank.co.in

Anytimers
 
SENIOR CITIZEN SAVINGS SCHEME(SCSS)
 
  Name of the Scheme

SENIOR CITIZEN SAVINGS SCHEME

 
Tenure of the Scheme

5 years which can be extended by 3 more years

 
Rate of interest

8.5% per cent per annum

 
Frequency of computing interest

Quarterly

 
Taxability

Interest is fully taxable

 
Whether TDS is applicable

Yes, Tax will be deducted at source

 
Investment to be in multiples of

Rs. 1000/-

 
Maximum investment limit

Rs. 15 lakh

 
Minimum eligible age for investment

60 years (55 years for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible to invest irrespective of the age limits subject to the fulfillment of other specified conditions

 
Premature withdrawal facility

Available after one year of holding but with penalty

 
Transferability feature

Not transferable to others

 
Tradability

Not tradable

 
Nomination facility

Nomination facility is available

 
Modes of holding

Accounts can be held both in single or joint holding modes. Joint holding is allowed but only with spouse

 
Application forms available with

At all 418 designated branches of our Bank and Bank’s website.

 
Applicability to NRI, PIO and HUFs

Non resident Indians, Persons of Indian Origin and Hindu Undivided Family are not eligible to open an account under the scheme.

 
Transfer from one deposit office to another

Transfer of account from one deposit office to another in case of change of residence is permitted

 
List of Branches

Click here for list of branches

 
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