Understanding the options for joint holders after demise of primary account holder under Senior Citizen Savings Scheme
04-May-2023 •Sahiba Kaur Arora
Should I continue the SCSS account up to maturity after the expiry of husband (first joint holder)? The second joint holder (spouse) is also a senior citizen (about 70 years old). - Anonymous
The Senior Citizen Savings Scheme (SCSS) account must be closed if an account holder has passed away. The deposited amount, along with applicable interest, will be paid to the nominee or the legal heir.
But since you are a joint holder, you have the option to continue the SCSS account, provided you are a senior citizen.
What you should do
Explore our Analysts' Choice section, where our expert researchers have carefully curated a selection of mutual funds for you.
Should I continue the SCSS account up to maturity after the expiry of husband (first joint holder)? The second joint holder (spouse) is also a senior citizen (about 70 years old). - Anonymous
The Senior Citizen Savings Scheme (SCSS) account must be closed if an account holder has passed away. The deposited amount, along with applicable interest, will be paid to the nominee or the legal heir.
But since you are a joint holder, you have the option to continue the SCSS account, provided you are a senior citizen.
What you should do
Explore our Analysts' Choice section, where our expert researchers have carefully curated a selection of mutual funds for you.