We had tried to explain about the Senior Citizen Saving bank scheme here. following are the crux of this scheme:-
Eligibility -
Indian resident - age above 60 yrs
VRS holders age 55 years and above
Retired Defence persons irrespective of age ( some conditions needs to be satisfy)
Benefit-
1. Interest @ 7.4 % Investment can be done for 5 Yr Pre maturity allowed there is some panelty of 1.5% or 1 % see the document of investment
2. Minimum deposit 1000 and maximum 1500000
Tax Benifits -
1. Interest is not taxable up to 50000/- u/s 80 TTB
2. TDS is not applicable till interest earned 50000/- on above amount TDS required to be deposited.
3. TDS rate at present is 7.5% ( st. rate is 10%)
4. 80 C deduction allowed up to 150000 deposited under this scheme ( if opted old scheme of taxation)
From Where it can be done any private sector bank and Govt sector bank & post Office.
We have video on this pls click on the link...below.. or visit our video section
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Regards
Team CA Sunil Sakral
casunilsakral@gmail.com
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