ICICI Bank Senior Citizen Saving Scheme

ICICI Bank SCSS Advantages

1. Direct Credit – With this scheme, you will avail the facility of directly crediting the interest to your bank account with ICICI. If the depositor does not want this facility, then four cheques (Post Dated) will be sent to him or her every year
2. Statement – Depositors will avail a detailed account statement which will contain all information about the transactions and deposited balance
3. Phone Banking – The bank provides a phone banking facility to its customers, which they can use when they have any queries related to this scheme

ICICI Bank SCSS Features

1. Investment – The minimum investment is Rs.1000 and the maximum investment is Rs.15 lakh and it has to be made in multiples of thousand
2. Method of Investment –You can deposit funds via cheques, demand drafts, or pay orders in this scheme
3. Rate of Interest – The ICICI bank senior citizen saving scheme interest rate on the deposit is 7.4% per annum which is taxable
4. Tenure – You can deposit funds in this scheme for a period of 5 years

1. Premature Account Closure – A depositor may be allowed to close his or her ICICI Senior Citizen Saving Scheme account  and withdraw the deposit any time after 1 year from the opening date of the account.
2. If the depositor closes the account after 1 year and before 2 years, a deduction of 1.5 percent of the balance deposit will be made and if he or she closes it on or after 2 years, a deduction of 1 percent of the balance deposit will be made.
3. Account Extension – A depositor is allowed to extend his or her ICICI Bank Senior Citizen Saving Scheme account for a period of 3 years after maturity.
4. The request for this extension has to be submitted by the depositor within a year after maturity.
5. Joint Account - A person can open a joint account with his or her spouse

ICICI Bank SCSS Eligibility Criteria

1. Any individual who is 60 years and above is eligible
2. Any individual who is 55 years and above but below 60 years of age, and has already retired is eligible
3. Any individual who is a retired Defence Services personnel is eligible for this scheme. The above-mentioned age limits do not apply to him or her. Here, employees of the Civilian Defence Service are not included
4. NRIs and Hindu Undivided Families (HUF) are not eligible for this scheme

Documents Required ICICI Bank Senior Citizen Saving Account

An individual has to provide the age proof through a self-attested copy of one among the following documents for ICICI Bank Senior Citizen Saving Scheme –

1. Aadhar card
2. PAN Card
3. Senior Citizen Card
4. Voter ID
5. Birth Certificate issued by Panchayat or MC or District office of the registrar of births and deaths
6. Ration Card
7. Passport
8. Driving License
9. Job card provided by NREGA

A retired depositor who is 55 years old but below 60 years of age can open an SCSS account within 1 month of receiving the retirement benefits along with proof that these benefits have been disbursed. This has to be accompanied by a certificate from the employer.