BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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64 years
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62 years
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60 years
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65 years
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Detailed explanation-1: -Eligible individuals require making a minimum deposit of Rs. 1, 000 to open an account under the Senior Citizen Scheme. At the same time, the deposit quantum is capped at Rs. 15 Lakh or the amount received as a retirement benefit, whichever is lower.
Detailed explanation-2: -SCSS account includes a simple process and can be opened at any authorized bank or any post office in India. The account is transferable across India. The scheme offers a high interest rate on the deposit. Get an income tax deduction of up to Rs.1.5 lakh under Section 80C of the Indian Tax Act, 1961.
Detailed explanation-3: -The capital in the SCSS is completely protected as the scheme is backed by the Government of India. It is however not inflation protected, which means whenever inflation is above the current interest rate, the deposit earns no real returns.