Senior Citizen Saving Scheme is all time favorite investing option for citizens with age group 60+. Not only it offer higher interest rates but also offers feeling of secured investment at the critical stage of life where you can not take risk of all hard earned money
Not together with post offices, the Senior Citizen Saving Scheme is also offered by select banks in India. Senior Citizen Saving Scheme that offers a wide range of senior citizen friendly savings/investment options. It’s quite easy for said citizens to open a Senior Citizen Saving Scheme account with their chosen bank rather than the nearest post office.
List of Banks offer Senior Citizen Saving Scheme
Public Sector Banks:
Allahabad Bank, Andhra Bank, State Bank of India, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad, Bank of Maharashtra, Bank of Baroda, Bank of India, Corporation Bank, Canara Bank, Central Bank of India, Dena Bank, Syndicate Bank, UCO Bank, Union Bank of India, Vijaya Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Punjab National Bank, United Bank of India
Private Sector Bank
ICICI Bank Ltd.
Tax Implications from Senior Citizens Savings Scheme
The interest that is earned on the entire deposit amount is absolutely taxable. According to the ITR (Income Tax Rules) the tax is duly deducted at source. However, one can produce form 15G or 15H if the tax is not deductible. Showing these forms will lead to no deduction of taxes.