When it comes to financial planning, senior citizens want investments that offer stability, good returns, and tax benefits. The ICICI Senior Citizen Saving Scheme provides a tailored solution to meet the unique needs of senior citizens planning their retirements.
In this blog we will learn more about the ICICI Senior Citizen Saving Scheme, some of its features, eligibility and other necessary information.
ICICI Senior Citizen Saving Scheme
The ICICI Senior Citizen Saving Scheme is designed for individuals aged 60 years and above. It gives an authentic investment option for senior citizens and their savings. Started in 2004, the ICICI Senior Citizen Saving Scheme gained popularity as a secure investment option, with dynamic interest rates and tax benefits.
Let’s discuss some of the exclusive features of this scheme, and learn more about it:
Features of ICICI Senior Citizen Saving Scheme
The (SCSS) is a government-backed savings plan designed specifically for senior citizens. It offers a secure and rewarding way to save for retirement and generate income easily.
Some of the salient features are discussed below:
- Eligibility: Indian residents aged 60 years or above, including retired individuals who have received retirement benefits within the past one month.
- Account Type: Single account option for convenient savings management.
- Minimum Deposit: ₹1,000, ensuring accessibility for all senior citizens.
- Maximum Deposit: ₹30,00,000 per financial year, allowing for substantial savings.
- Interest Rate: Attractive interest rate of 8.20% per annum, as of November 16, 2023, with an additional 80 bps for super senior citizens aged 80 years and above.
- Tenure: Flexible tenure of 5 years, with the option to extend for an additional 3 years, catering to individual long-term financial goals.
- Tax Benefits: Tax-efficient savings with interest earned under the scheme exempt from tax under Section 80C of the Income Tax Act up to ₹1.50 lakh per annum.
- Premature Withdrawal Options: Permitted with a penalty, encouraging long-term investment strategies.
- Nomination Facility: Allows for the nomination of up to four individuals to safeguard accrued benefits in case of unforeseen circumstances.
- Quarterly Interest Payments: Regular stream of income ensured through quarterly interest payments.
- Free Accidental Insurance Cover: Complimentary accidental insurance cover of up to ₹2 lakh for financial protection in the event of unforeseen events.
This scheme is a combination of competitive returns, flexible tenure options, and value-added benefits. It comes with convenient account opening procedures, which is discussed in the section below.
Also Read: An All-Inclusive Guide To ICICI Bank Personal Loan For All Credit Borrowers
Opening an ICICI Senior Citizen Saving Scheme
While the process of opening a ICICI Senior Citizen Saving Scheme is straightforward, we have included additional sections of paperwork that will be needed.
Online
- Visit the ICICI Bank website and navigate to the NetBanking login page.
- Enter your customer ID and registered mobile number to generate an OTP.
- Once you’ve received the OTP, enter it and proceed to set your IPIN. This IPIN will serve as your password for future online transactions.
- Login to HDFC NetBanking using your customer ID and IPIN.
- Navigate to the ‘Accounts’ section and select ‘PPF Account.’ This will display your PPF account details.
Offline
- Visit an ICICI Bank branch with the required documents, including identity proof, address proof, and PAN card.
- Fill out the SCSS account opening form and submit it along with the required documents.
- Make the initial deposit amount as specified by the bank.
- Once the formalities are completed, you will receive an SCSS account passbook and account details.
Required Documents
- Identity Proof: Valid passport, Aadhaar card, voter’s ID card, driving license
- Address Proof: Recent utility bill, rental agreement, passport, self-attested letter with address proof
- PAN Card: PAN card is mandatory for opening a Saving scheme account
Managing Your ICICI Senior Citizen Saving Scheme
In today’s digital age, ICICI Bank has empowered account holders to manage their SCSS accounts seamlessly through its convenient online platform.
Whether you’re checking your account balance, making contributions, or tracking transactions, ICICI NetBanking provides a user-friendly and secure experience.
Accessing ICICI NetBanking
- Visit the ICICI Bank website: Navigate to the ICICI Bank website and locate the NetBanking login page.
- Enter your credentials: Enter your customer ID and registered mobile number to generate an OTP.
- Set your IPIN: Once you’ve received the OTP, enter it and proceed to set your IPIN. This IPIN will serve as your password for future online transactions.
- Log in to ICICI NetBanking: Log in to ICICI NetBanking using your customer ID and IPIN.
Managing Your ICICI SCSS Account Online
- View Account Summary: Stay informed about your SCSS account balance by clicking on the ‘Account Summary’ tab. This will display your current balance, interest earned, and contributions made.
- Make Online Contributions: Contribute to your SCSS account conveniently through the ‘Transfer Funds’ option. Select your linked savings account and enter the desired amount to transfer.
- Request Account Statements: Access your SCSS account statements to track your transactions and interest accruals. Click on the ‘Statements’ tab and choose the desired period for which you want to retrieve the statement.
- Update Nominee Details: Keep your beneficiary information up-to-date by clicking on the ‘Nominee’ tab. Edit the nominee details as needed and submit the changes.
- Track Transactions: Monitor your SCSS account transactions by clicking on the ‘Transactions’ tab. This will provide a detailed history of all deposits, withdrawals, and interest accruals.
Managing your ICICI Senior Citizen Saving Scheme online through ICICI NetBanking offers a wide range of benefits, including real-time access to account details, flexibility in managing deposits, and proactive alerts for important events.
By leveraging these features, account holders can not only stay in control of their investments but also streamline their financial planning for a secure and fulfilling retirement.
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Frequently Asked Questions
Q. What is the ICICI Senior Citizen Saving Scheme?
A. It is a specialised savings program designed to cater to the financial needs of individuals aged 60 years and above.
Q. Who is eligible to open an ICICI Senior Citizen Saving Scheme account?
A. The scheme is open to Indian residents who have reached the age of 60 years or above.
Q. What is the minimum and maximum deposit amount for this scheme?
A. Investors can start with a minimum deposit, making the scheme accessible to a wide range of individuals. Please refer to the sections of the blog above to learn more.
Q. What is the tenure or maturity period of the ICICI Senior Citizen Saving Scheme?
A. Offers flexibility in choosing the tenure for the Term Deposit Account, ranging from 1 year to 10 years.
Q. What are the interest rates offered under this scheme?
A. The scheme provides competitive interest rates, ensuring that senior citizens earn a steady income on their investments. It is discussed in detail in the sections above.
Q. Is the interest income from this scheme taxable for senior citizens?
A. Yes, the interest income earned under the ICICI Senior Citizen Saving Scheme is taxable.
Q. Can I open multiple Senior Citizen Saving Scheme accounts with ICICI?
A. No, an individual can only open one Senior Citizen Saving Scheme account with ICICI Bank.
Q. How can I open an ICICI Senior Citizen Saving Scheme account?
A. Opening an account is a straightforward and easy process. Please refer to the subsections above to learn more.
