➡️Here is how an SCSS account works:
Open an SCSS account by depositing a minimum amount of Rs.1,000 up to Rs.30 lakh in a single instalment.
The deposit amount is restricted to the retirement benefits received and must be deposited in the SCSS account within a month from the date of receiving the retirement benefits from the employer.
Retirement benefits here means any payment due to the account holder on account of retirement on superannuation or otherwise. It includes provident fund dues, retirement or superannuation gratuity, commuted value of pension, leave encashment, savings element of Group Savings Linked Insurance Scheme payable by the employer on retirement, retirement-cum-withdrawal benefit under the Employees’ Family Pension Scheme and ex-gratia payments under a voluntary or a special voluntary retirement scheme.
If the deposit is in excess to the ceiling amount, the excess amount shall be refunded to the account holder immediately.
Interest on the deposit will be paid once every quarter.
Interest can be drawn through auto credit into the savings account held at the same Post Office branch or through ECS.
The account can be prematurely closed at any time, after the date of opening.
The account may be extended for a further period for 3 years from the date of maturity.
The extension can be done within 1 year from the date of maturity.
➡️SCSS application process
You can open an SCSS account either at an authorised bank branch or at a post office branch. If the bank allows, you can open the SCSS account online on the bank’s internet banking portal or mobile banking app. There is no option to open the SCSS account online with the post office.
You can also download the SCSS application form from the India Post website. You need to fill the form and submit it with the authorised post office along with the required documents and pay the deposit to open the account.
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