BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife).
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In case of Cheque, the date of realization of Cheque in Govt. account shall be date of opening of account.
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Account can be transferred from one post office to another.
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All of the above are Salient features of SCSS.
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Detailed explanation-1: -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. The 5-year tenure of the account can be extended for another 3 years.
Detailed explanation-2: -SCSS, short for Senior Citizen Savings Scheme is a government-sponsored savings instrument for individuals above the age of 60. The Government of India introduced this scheme in 2004 intending to provide senior citizens with a steady and secure source of income for their post-retirement phase.
Detailed explanation-3: -Under the Senior Citizen’s Savings Scheme, individuals are allowed to deposit any amount up to Rs.15 lakh, according to SCSS rules. The deposited amount should be in multiples of Rs.1000. Also, individuals can make a deposit only once, at the time of opening an account.
Detailed explanation-4: -Only one single deposit is allowed in a person’s name. The deposits have to be made in multiples of thousands but it should not be more than INR 15 lacs. A person who has crossed the age 60 is eligible to open a Senior Citizen Savings Account.