Bank of Baroda Senior Citizen Savings Scheme

What is Senior Citizen Saving Scheme by Bank of Baroda?

Bank of Baroda Senior Citizen Savings Scheme is a government-backed savings scheme designed specifically for senior citizens aged 60 years and above. It offers them a regular source of income during their retirement years. 

It also allows senior citizens to invest a lump sum amount and earn a fixed interest rate, which is paid out quarterly. 

Features of Bank of Baroda Senior Citizen Savings Scheme

The scheme offers attractive features and benefits to senior citizens looking for safe investment options. Here are some of the main features of the Senior Citizen Savings Scheme Bank of Baroda:

• Eligibility: The scheme is available to Indian residents who have attained the age of 60 years or above. Additionally, retired personnel of Defense Services (excluding civilians) who are aged 50 years or more, but less than 60 years, can also open an account under this scheme.

• Account Type: The Senior Citizen Saving Scheme Bank of Baroda offers a single account type, which is a term deposit account.

• Investment Limit: The minimum deposit amount is Rs. 1,000, and the maximum deposit amount is Rs. 15 lakh. Deposits can be made in multiples of Rs. 1,000.

• Tenure: The tenure of the Senior Citizen Savings Scheme Bank of Baroda is 5 years, which can be extended for another 3 years once the initial 5-year term matures.

• Premature Withdrawal: Premature withdrawal of the deposit is allowed after the completion of one year, subject to certain conditions and penalties as per the applicable rules.

• Taxation: Interest earned on the Senior Citizen Saving Scheme Bank of Baroda is taxable as per the Income Tax Act, 1961. Tax Deducted at Source (TDS) is applicable if the interest earned exceeds the specified threshold limit.

• Nomination: The account holder can nominate one or more persons to receive the proceeds of the account in case of the account holder's demise.

Eligibility Criteria of Senior Citizen Savings Scheme by Bank of Baroda

The eligibility criteria for this scheme are as follows:

• The scheme is available to Indian residents who are 60 years or above.

• Retired personnel of Defense Services (excluding civilians) who are aged 50 years or more, but less than 60 years, can also open an account under this scheme.

• The Senior Citizen Saving Scheme Bank of Baroda is available to individual senior citizens and can be opened as a single account or a joint account with a spouse. In case of a joint account, only the first account holder (the primary applicant) should be a senior citizen.

How to Apply for Bank of Baroda Senior Citizen Savings Scheme?

The Bank of Baroda Senior Citizen Scheme allows for the opening of an account through both online and offline methods.

To apply for the Senior Citizen Savings Scheme Bank of Baroda, you can follow the steps outlined below:

• Check Eligibility: Ensure you meet the eligibility criteria for the scheme.

• Gather Documents: Collect age proof, identity proof, and address proof documents.

• Get Form A: Request and fill out Form A, the application form for the scheme. The form can be downloaded online or you can visit the branch and get the form. 

• Attach Documents: Attach photocopies of required documents to Form A.

• Submit Application: Submit the completed Form A with documents to the bank branch.

• Deposit Amount: Deposit the required amount in cash or cheque.

• Get Acknowledgement: Receive an acknowledgement receipt for your application.

Interest Rates for Bank of Baroda Senior Citizen Saving Scheme

For the first quarter of the financial year 2023-24 (April to June), the current rate of interest offered on the scheme is 8.2%

It's important to note that interest rates are usually calculated every quarter and may vary depending on the duration of the investment, with longer tenures generally attracting higher interest rates.

The table provided below presents the historical data showcasing the interest rates offered for the savings scheme during the previous quarters:

Documentation Required

To open a Senior Citizen Saving Scheme account with Bank of Baroda, you would typically need to provide the following documentation:

• Age proof

• Identity proof

• Address proof

• Photographs

• SCSS account opening form

• Nomination form

Bank of Baroda Senior Citizen Savings Scheme vs Fixed Deposit

Here's a comparison between Senior Citizen Savings Scheme Bank of Baroda and Fixed Deposit:

Wrapping It Up!

The Senior Citizen Saving Scheme provides a safe and secure investment avenue for senior citizens, allowing them to enjoy financial stability and peace of mind. It also serves as a testament to the bank's commitment to supporting the elderly population and promoting financial inclusion among senior citizens.

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