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  • Investment made eligible for tax rebate under 80C upto Rs 1.5 lakhs.
  • Higher Rate of Interest for Senior Citizens.
  • Account Extension facility available.
  • Quarterly interest payable.
  • Minimum deposit is Rs 1000/- & Maximum deposit is Rs 30,00,000/- in a Financial Year.
  • Multiple accounts may be opened within the maximum deposit limit. (Rs. 30,00,000/-).
  • The duration of the account is 5 years and Can be extended for a further period of 3 Years (within 1yr from date of maturity).
  • TDS Exempted on submission of Form 15G/H by the SCSS account holders as per scheme guidelines.
  • Nomination facility is allowed for one or more individuals but not exceeding four individuals.
  • Account can be opened both online mode (through net banking/mobile banking (ai1)) and offline mode (in bank branches).
  • Transfer of Account facility available as per scheme guidelines.
  • Premature Closure available as per scheme guidelines.

A resident individual (in Individual capacity or jointly with spouse) :

  • Who has attained the age of 60 years and above.
  • Who has attained the age of 55 years or more but less than 60 years (As per scheme guidelines)
  • The retired personnel of Defence Services attaining the age of 50 years.
  • Spouse of Government employee who has attained the age of fifty (50) Years and has died in harness.
  • Exemption -NRI's & Hindu Undivided Family.
  • 8.20 % per annum w.e.f 01.04.2023 till further revision, interest payable quarterly (on first working day of subsequent month) (TDS deduction at source as per scheme guidelines).
  • Application form.
  • Photograph of depositor/s (2 copies).
  • Proof of identity and address as per KYC Norms- Only the following documents will be acceptable (for individuals):
    • Passport.
    • Driving License.
    • PAN Card.
    • Voter Identity Card issued by the Election Commission of India.
    • Job card issued by NREGA duly signed by an officer of State Government.
    • Letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar number.
  • Quarterly interest pertaining to the SCSS account will be credited only to the linked SB account provided at the time of opening of account. In case the customer wishes to change the linked interest credit account, the customer has to approach the home branch for modification.
  • NRI’s & HUFs are not eligible.
  • Maximum Deposit Amount shall not exceed Rs 30,00,000/- in a financial year.
  • There shall be only one time deposit in account.
  • TDS applicable on interest earned.
  • The account can be extended in one or more block of three years.
  • In case an account is closed before one year after the date of opening of account, interest paid on the deposit in the account shall be recovered from the deposit. However, a 1.5% charge and a 1% charge of the total amount deposited will be charged in case of premature withdrawals after one year and two years, respectively. In case the account is closed before expiry of one year from the date of extension, an amount equal to 1 % of the deposit shall be deducted

You can apply through following modes :

  • Online Mode :
    • Internet Banking
    • Mobile Banking App
  • Offline Mode :
    • Visit nearest branch of Canara Bank
    • To redirect on the login page, please Click Here
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Last updated on 29-09-2023 12:11 PM

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