Glimpses of Rule:179

Chapter 9: Rule 110 of POSB CBS Manual- Senior citizen Savings scheme:-

SCSS Introduced w.e.f 02.08.2004.

Rule 110 Eligibility to open account Individual who has attained 60 years of age.

Individual who attained 55 years of age or more but less than 60 who retired on superannuation or otherwise on the date of opening the account, subject to the condition that the account is opened within one month of the date of receipt of the retirement benefits and proof of date of disbursal of such retirement benefit(s) along with a certificate from the employer indicating the fact of retirement on superannuation or otherwise, retirement benefit, employment held and period of such employment with the employer is attached with the application form.

▸ Defence personnel can open account on attaining 50 years of age subject to fulfilment of other above specified conditions.

Calculation of 30 days after retirement: Facility of opening multiple account is available under the scheme, the retired person can open the account within one month of the receipt of the particular retirement benefit.

Account may be opened by an individual or jointly with spouse. It is not

necessary for the spouse to be of 60 years or 55 years, as the case may Deposit limits: Min deposit Rs. 1000/- (in multiples of Rs.1000) subject to a max of Rs. 15 lakhs. be.

Account opened by employees who have not attained 60 years of age must be restricted to the retirement benefits received by them of Rs. 15 lakhs whichever is lower...