ICICI Senior Citizen Saving Scheme

What is ICICI Senior Citizen Saving Scheme (SCSS)?

ICICI Senior Citizen Saving Scheme (SCSS) is a fixed deposit scheme exclusively designed for senior citizens in India, aged 60 years and above. The scheme allows senior citizens to invest a lump sum amount in a fixed deposit and earn a fixed rate of return on their investment.

Senior Citizen Saving Scheme is one the safest investment options the Government of India provides. The customers can avail of extra benefits and facilities on joining the SCSS ICICI Bank.

Features of ICICI Bank Senior Citizen Saving Scheme

Eligibility Criteria of SCSS ICICI Bank

The eligibility criteria for the ICICI Senior Citizen Saving Scheme (SCSS) are as follows:

• Entry Age: 

• Single Account Senior Citizens: 60 years or above

• Joint Account Senior Citizens: Both the account holders must be aged 60 years or above

• Retired/ VRS/ Superannuation Employee: 55 years or above

• Retired Defence Personnel: 50 years or above

• Citizenship: Indian citizen

• Maximum Number of Accounts: One (Single/ Joint Account)

• Source of Income: A regular source of income

Documents Required

To open an account under ICICI Bank SCSS, the following documents are generally required:

• Aadhar Card

• Valid Passport

• PAN Card

• Voter ID Card

• Driving License

• Job Card u/ NREGA Scheme

Additional documents required if the investor is below 60 years of age:

• Employer’s Certificate with details:

• Superannuation/ Voluntary Retirement

• Retirement Benefits

• Period of Employment

• Employment Specifications

• Retirement Benefits Disbursal Proof:

• SCSS ICICI Bank account should be opened within 1 month of receiving retirement benefits

ICICI SCSS Calculator

The ICICI SCSS interest rate is high as compared to savings schemes. The rate of interest is fixed and paid out every quarter directly in the SCSS ICICI Bank Account of the customers. 

You can use the ICICI SCSS calculator to estimate the returns and interest earned on your investments in this scheme.

To use this online calculator, follow these steps:

Step 1: Go to the Policybazaar SCSS calculator webpage

Step 2: Select the values of the following:

• Investment Amount (amount you want to pay in a lump sum)

• Investment Tenure

• Interest rate is pre-decided at 8.2% p.a.

Step 3: Click on the "Calculate" button

The Senior Citizen Savings Scheme (SCSS) calculator will display these values:

• Maturity value of your investment

• Total interest earned

• Interest rate

Benefits of ICICI Bank Senior Citizen Saving Scheme

Here are some of the benefits of investing in the ICICI Bank SCSS:

• High Rate of Interest: The scheme offers higher interest rates than regular savings accounts, fixed deposits, and other savings schemes.

• Guaranteed Returns: The returns on the SCSS are guaranteed and fixed, making it a safe and secure investment.

• Tax Benefits: The investment amount in the SCSS is eligible for tax deductions under Section 80C of the Income Tax Act, of 1961.

• Loan Facility: Senior citizens can avail of a loan against their SCSS account balance.

• Nomination Facility: The ICICI Bank SCSS offers a nomination facility, which allows senior citizens to nominate a beneficiary who will receive the investment amount in case of their demise.

Wrapping It Up

ICICI Bank Senior Citizen Savings Scheme is a popular investment option for senior citizens in India due to its higher interest rate, guaranteed returns, and multiple other benefits. If you are a senior citizen looking for a secure and rewarding investment option, the ICICI Bank Senior Citizen Savings Scheme could be a good choice for you.

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