Senior Citizen Savings Scheme (SCSS) - Time limit extended for Retirees
Regarding extending the prescribed time limit of one month post retirement for retirees to invest in Sr. Citizen Savings Scheme (SCSS)
SB Order No. 19/2020
Govt. of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi-110001
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).
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.
Assistant Director (SB)