Extension of time limit for One month post retirement for retirees to invest in Senior Citizen Savings Scheme (SCSS)

Regarding extending the prescribed time limit of one month post retirement for retirees to invest in Sr. Citizen Savings Scheme (SCSS)

As per the Finmin Order issued on 26th May 2020, Government employees who are retired or retiring in the period of lockdown (February, March and April 2020) are eligible to open SCSS account up to 30th June 2020.

Senior Citizen Saving Scheme Options in 2020 – Best Pension Plan

Post Office Senior Citizen Saving Scheme Interest Rates:

• 7.4 ​% per annum (From 01.04.2020), payable from the date of deposit of 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December. [Click to know more]

LIC Pradhan Mantri Vaya Vandana Yojana (PMVVY) Interest Rates:

• 7.40% (Maximum 15 Lakhs) – Government of India in the Budget Speech of 2018-19 has announced the enhancement of
  maximum limit under Pradhan Mantri Vaya Vandana Yojana to Rs. 15 lakhs per senior citizen. The period of sale for this scheme has also been extended upto 31st March, 2020.

SB Order No. 19/2020

F.No.113-02/2019-SB
Govt. of India
Ministry of Communications
Department of Posts
(Financial Services Division)

Dak Bhawan, New Delhi-110001
Dated: 26.05.2020

To,
All Head of Circles/Regions

Subject : Regarding extending the prescribed time limit of one month post retirement for retirees to invest in Sr. Citizen Savings Scheme (SCSS).

Madam/Sir,
The undersigned is directed to inform that vide O.M. No. 3/3/2019-NS (Pt.1) dated 21.05.2020, the MoF (DEA) has decided to relax some regulatory provisions to safeguard the interest of Small Savings Depositors in view of the lockdown in the country due to COVID-19 pandemic.

Check also: Senior Citizen Savings Scheme (SCSS) – New Rules, Interest Rate Calculation, Nomination and Form Download

2. Accordingly the following relaxation guidelines in reference to Sr. Citizen Savings Scheme (SCSS) are issued with immediate effect regarding –

• a. Individual retired (within the age bracket 55-60 years) on Superannuation or otherwise and got retirement benefits in February-2020, March-2020 and April-2020 are eligible to open SCSS account up to 30th June, 2020.
• b. Personnel from Defence Services retired and got retirement benefits in February-2020, March-2020 and April-2020 are also eligible to open SCSS account up to 30% June, 2020 under the prescribed eligibility conditions applicable to them.

3. It is requested to circulate it to all concerned for information and necessary action. The same may also be placed on the notice boards of the Post Offices in public area.

4. This issues with the approval of Competent Authority.

Yours Faithfully,
sd/-
(Devendra Sharma)
Assistant Director (SB)

Click to view the order