Senior Citizens Savings Scheme Account

• Earn a Fixed Interest Rate of 8.2%* 

• Enjoy tax benefits with eligibility for deduction under Section 80C of the Income Tax Act

• Receive interest on quarterly basis on 1st April, 1st July, 1st October, 1st January

Note: *Interest rates can change on a quarterly basis. Interest received is taxable as per Income Tax guidelines. **Partial withdrawal is not permitted; the deposit can only be closed in full. ^Pledging of deposit is not permissible

• Quarterly interest pertaining to the SCSS will be credited only to the linked savings account provided at the time of opening of account. In case the customer wishes to change the linked interest credit account, the customer has to approach the home branch for modification.
• During interest credit, if the transaction is delayed for reasons such as incomplete/incorrect information, the Bank would not to be held responsible.
• NRI’s & HUFs are not eligible.
• Deposit Amount shall be minimum ₹1,000 and maximum ₹30 lakh (in multiples of 1000s’) across all banks under SCSS.
• TDS will be deducted on interest earned as per Section 194A of the Income Tax Act. Customers eligible for exemption may submit Form 15H/G to avoid TDS deduction. However, the bank may temporarily hold the TDS at the time of crediting interest to assess total interest across all deposits. If the customer qualifies for NIL deduction, the held TDS amount will be released accordingly with the same value date.
• The account can be extended multiple times for a tenure/block of three years each. 
• In case an account is closed before one year after the date of opening of account, interest paid on the deposit in the account shall be recovered from the deposit. In case of premature withdrawals after one year and two years, 1.5% penalty and 1% penalty of the total amount deposited will be charged, respectively. In case the account is closed before expiry of one year from the date of extension, an amount equal to 1% of the total deposit shall be deducted.
• The value date for interest calculation for SCSS will be considered to be the successful date of debit of deposit amount from the customers savings account.
• For any change in the demographics, kindly reach out to the nearest HDFC bank branch. 
• Pass statement is the proof of deposit that will be given on completion of the Investment, with Nominee registration (Yes/No) mentioned clearly - Please note there is no Passbook / Deposit confirmation Advice issued for this Investment. 
• If the SCSS is funded from a joint savings account where mode of operations (MoP) is jointly, the application must bear the signatures of all account holders to confirm their awareness and consent to any related debits or credits.
• HDFC Bank has not yet commenced SCSS accounts Transfer-In/Transfer-Out facilities from/to other banks/Post office. The system is currently under development

Declaration

• I hereby undertake to abide by the scheme provisions and Government Savings Promotion Rules, 2018 applicable on the Scheme and amendments issued thereto from time to time. Details of my/our other accounts under the Scheme are as mentioned in the account opening form.
• I declare that I/ we are resident citizen of India and undertake to inform the account office of any change in our residency/ citizenship status in future.
• I/ We shall adhere to the ceiling on deposits (currently ₹ 30,00,000 /- and as amended from time to time), taking the deposits in all the accounts opened by me/ us together. If at any time, any excess deposit is found within or outside the bank, such excess deposit shall be refunded to me/ us after recovery of excess interest. The minimum amount of the deposit under this scheme shall be ₹ 1000/- and in multiple of Rs.1000/-. The joint accounts can be opened subject to scheme guidelines. The period of the deposit shall be 5 (five) years and extendable by a block of 3 (three) years each time. There shall be penalty for premature withdrawal of the deposits. 
• The deposits in the account shall be restricted to the retirement benefits received, or thirty lakh rupees, whichever is lower.
• As per SCSS guidelines, Interest rates are subject to change from time to time. Applicable interest rates will be given as on the date / time of receipt of the funds by the bank
• I/ We declare that nomination under the said scheme can be done only in favour of Resident Indians or NRI only.

I also declare that the information provided by me / us* in the application herein above, is true to the best of my/our knowledge and belief and in case, at any time, any of the information and / or declaration is found to have been false, no interest on the deposits shall be payable to me/us*, and HDFC Bank shall close the account(s) and refund the deposits after recovery of the interest, if any already paid on the deposits.