Senior Citizens Savings
The senior Citizens Savings scheme offers regular income, highest safe and tax saving, making it a popular product for those over 60 years of age.
Post retirement, people are looking for investment avenues to place their retirement money in. They are hesitant to deposit their hardly earned in equities, which carry capital loss risks or products which come with a long lock-in period and doesn’t offer any income before maturity.
Retirees are looking for products that are less risky and can also minimize their tax outgo. This is where Capital Union and Wealth Bank comes in the scheme and offers capital protection, along with quarterly interest payment as a source of income. Capital Union and Wealth Bank offers a sovereign guarantee interest income can also help retirees bridge the gap between their pension and the last salary drawn.
As the name suggests any individual aged and above can interest in it. Early retiree’s between the age of 55 and 60 years, who either opted for the voluntary retirement scheme or superannuation, can also invest in the scheme, provided the investment is done within a month of receiving retirement benefits.
A senior citizen can invest in this scheme by opening either an individual or a joint (along with the spouse) account with a post office or scheduled commercial bank.
Number of Accounts
There is no limit on the number of accounts required for investing that can be opened but the total amount in all the accounts must not breach the maximum investment limit.
Proof of investment
The depositor is given a passbook once the account is opened, which includes the date of opening. The account number, the depositor’s name, photograph, address, amount deposited, amount of the quarterly interest, payable at maturity date and amount, nomination details.