Important changes in SCSS & TD scheme features - as per SB Order 22/2023 Corrigendum

 Important changes in SCSS & TD scheme features - as per SB Order 22/2023 Corrigendum

Senior Citizens' Savings Scheme (SCSS)

1. Investments through retirement benefits can be made within three months from the date of retirement benefits.
2. Spouse of the retired Government employees whose age is fifty five years and died in harness, can invest in the scheme irrespective of age, subject to other conditions.
3. Extension of account can be done for block period of three years irrespective of number of times till the death of the depositor.
4. Extended account can be closed prematurely before one year subject to the deduction of 1% of the deposit amount.

Time Deposit Scheme

• 5-Year TD account cannot be prematurely closed till completion of four years from the date of deposit. This will be applicable only to new account holders who have opened the account on or after 10.11.2023

In case of pre-mature closure of 5-year TD account after four years, interest shall be payable at the interest rate applicable to the Post Office Savings Account scheme.