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Senior Citizens' Savings Scheme, 2019
Senior Citizens' Savings Scheme details
- It is a Government of India product
- Interest rate is 8.2%. Rate of interest is as decided by Ministry of Finance from time to time
- The product is offered by Government of India and hence is one of the most safest investment option
Tax Deducted at Source (TDS) is applicable on the interest amount earned on a quarterly basis for investment in the Senior Citizen Savings Scheme. For exemption, Form 15H has to be submitted at any nearest ICICI bank branch every financial year.
Advantages of ICICI Banks Senior Citizens' Savings Scheme
- Facility of Direct Credit of Interest to ICICI Bank Account
- SCSS FD quarterly interest intimation containing the details of Deposit Balance & transactions
- Phone Banking Facility (for queries)
