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You can extend the Senior Citizen Savings Scheme (SCSS) Account up to 8 years. On maturity after 8 years, can I open another account?
- Abhishek
The tenure of Senior Citizen Savings Scheme (SCSS) Account is five years. On maturity, the depositor can either withdraw the money by submitting an application in Form E along with the passbook or extend the account by another three years by submitting an application in Form B within one year. The extension will be from the date of maturity and not from the date of submitting the form. If the depositor doesn't close the account on maturity or ask for an extension within a year, the account will be treated as closed. However, the maturity amount will earn interest rate applicable on post office saving account. If you want to open a new account with the maturity amount after eight years, you are free to do so.
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