Can I open another Senior Citizen Savings Scheme (SCSS) Account after the maturity of the first account?
- Hari Singh
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.
This article was originally published on March 11, 2016.
Ask Value Research 
New episodes every Friday 
New Process Alert 
Seems like you've uploaded a wrong QR code. Please upload the QR code downloaded from MF Central platform.
