Organization :State Bank of India
Facility : Apply for Senior Citizen Saving Scheme
Home Page : https://www.sbi.co.in/
Form A Download here :https://www.statusin.in/uploads/1066-8c7806f4-3094-42c0-9ea5-5cfa6b578e96.pdf
Apply for Senior Citizen Saving Scheme :
Any depositor may open an account at any deposit office by making an application in Form A along with the amount of deposit in multiple of one thousand rupees, along with age proof.
Related : SBI Online ASBA Facility : www.statusin.in/3590.html
A depositor may operate more than one account subject to the condition that deposits in all accounts taken together shall not exceed the maximum limit of Rs.15 lakhs and provided that deposits by depositors shall be restricted to the retirement benefits or Rupees Fifteen lakhs whichever is lower.
A depositor may open the account in individual capacity or jointly with spouse
Eligibility :
** An individual who has attained the age of 60 years and above on the date of opening of an account.
** who has attained the age of 55 years or more but less than 60 years and who has retired on superannuation or otherwise on the date of opening an account.
** who has retired at any time before the commencement of these rules and attained the age of 55 years or more on the date of opening of an account,
** The retired personnel of Defence Services (excluding civilian Defence employees) irrespective of the above age limits subject to fulfilment of other specified conditions
Deposits and withdrawals :
** There shall be only one deposit in the account in multiple of one thousand rupees not exceeding Rupees Fifteen lakhs.
** Permitted after one year of opening the account but with penalty.
Mode of Deposit :
The deposit under these rules may be made :
** cash, if the amount of deposit is less than Rupees One lakh.
** By cheque or demand draft drawn in favour of the depositor and endorsed in favour of the deposit office.
Renewal :
The depositor may extend the account for a further period of three years after the maturity period of five years. An application in Form B should be made within a period of one year after the date of maturity period.
Closure of Account :
Maturity
The deposit made at the time of opening of account shall be paid by the concerned deposit office after the expiry of five years from the date of opening of the account on production of the passbook accompanied by a written application (withdrawal form) Form E .
In case a depositor does not close the account on maturity and also does not extend the account, the account will be treated as matured and the depositor will be entitled to close the account at any time subject to the condition that the post maturity interest at the rate as applicable to the deposits under the Post office Savings Accounts from time to time will be payable on such matured deposits upto the end of the month preceding the month of the closure of the account.