MBA 6 / SCSS Prashant S Sawant. SCSS Senior citizen savings scheme Do not regret growing older....
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Transcript of MBA 6 / SCSS Prashant S Sawant. SCSS Senior citizen savings scheme Do not regret growing older....
![Page 1: MBA 6 / SCSS Prashant S Sawant. SCSS Senior citizen savings scheme Do not regret growing older. It’s a privilege denied to many. Aug 2004, GOI.](https://reader036.fdocuments.in/reader036/viewer/2022082710/56649dd15503460f94ac7b1b/html5/thumbnails/1.jpg)
MBA 6 / SCSS
Prashant S Sawant
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SCSS Senior citizen savings scheme Do not regret growing older. It’s a
privilege denied to many. Aug 2004, GOI introduced as a FD
that gave senior citizens assured returns at regular intervals.
Invest lump sum & get earn interest on quarterly basis.
At the end of 5 yrs, the original investment is returned back.
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SCSS contd…
Eligible Any resident indian citizen who is 6o
yrs old & older Age 55-60 Yrs, VRS Similar to POMIS Why separate scheme ?
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SCSS Concept
Salary from the post retirement funds
POMIS has _______ interest payout. Monthly SCSS has ________ interest payout. Quarterly 31 mar, 30 jun, 30 sept, 31 dec ROI 2012-13, 9.3% pa
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SCSS Contd….
Maturity period is 5 yrs. Can be extended by another 3 yrs. Can withdraw after 5 yrs or can apply
for extension ( in a prescribed form) No penalty after 1 yr of extension
period Maximum limit Rs 15 Lakhs Penalty 1.5% ( Between 1st & 2nd yr) Penalty 1% ( After 2 yrs)
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How to invest ?
Apply at PO Apply at any PSB that offers PPF scheme. Age limit ? 60 Yrs + 55-60 yrs ( VRS) Retired from defense , relaxation is age possible. Min investment Rs 1000/- & slabs of Rs 1000/-
thereof. Rs 25,500 /- ??? Max limit ? Rs 15 Lakhs
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How to invest ? Contd…
Can open single ac Can open joint ac with your spouse ( age of only
the first applicant is considered, no age bar for second applicant ).
Sum of all investments should not exceed Rs 15 Lakhs.
Investment < 1 L can be made in cash. More than that cheque/DD reqd. Nomination is allowed at the opening of the ac or
any time during the tenure. Can transfer the ac in case of change of
residence.
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Points to consider before investing
Do you want a regular stream of income?
Can you lock your investment ? How to balance the need of regular
income & growth of capital ? How periodic you want income ?
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Advantages
Offers highest ROI than any other govt scheme. 100% safe because ____ Guaranteed by GOI. Max limit Rs _____ Rs 15 L Interest payout every _____ Quarter Investment can be done at ______ PDs & PSBs Penalty for premature withdrawal ? 1.5% ( 1-2 yrs) & 1% after 2 yrs Joint ac, nomination & account transfer possible.
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Dis-advantages
TDS applicable For no TDS …..submit ? Form 15G ( Non-senior citizens) Form 15H ( Senior citizens)
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Investment meter
Safety ***** Liquidity *** Returns ***
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Tax impact
80C TDS if interest exceeds RS 10000/-
py Can claim exemption by
submitting ???
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SCSS in nutshell
Amount invested : Rs 3,00,000 Receives Rs 6975/- _____ for 5 yrs (Q) Total amount earned = __________( 9.3% ROI) 139500/- + 300000 /- = 439500/- Eligibility : Any indian resident aged 60 yrs & above &??? Taxation : interest as per slab ( TDS for >10k py int) Tax rebate : ? 80C Min investment : ? Rs 1k Max investment : Rs 15L Penalty of ___% if ac closed betn 1 & 2 yrs & ___ after 2 yrs. 1.5% & 1%
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Thank you.
Prashant Sawant 9820408795 Global training group