Union Bank of India Senior Citizen Savings Scheme

The Union Bank of India SCSS is a safe and government-backed savings option created to offer financial stability to senior citizens. With a high interest rate of 8.20% per annum, quarterly payouts, and tax-saving benefits, this scheme is ideal for retirees looking for steady post-retirement income and capital safety.

Read further to cover everything you need to know — from eligibility, interest rates, and investment limits to how to open an account and compare SCSS with other savings options.

Table of Contents:

• ⇾ Union Bank SCSS Account Details
• ⇾ Features of Union Bank SCSS
• ⇾ Eligibility Criteria for Union Bank SCSS
• ⇾ Union Bank SCSS Deposit Limits and Tenure
• ⇾ Tax Benefits for Union Bank SCSS
• ⇾ Union Bank SCSS Premature Withdrawal Rules
• ⇾ Steps To Open A Union Bank SCSS Account
• ⇾ Required Documents For The India Senior Citizen Saving Scheme
• ⇾ Frequently Asked Questions

Union Bank SCSS Account Details

This account is ideal for individuals aged 60 years and above, offering attractive interest rates and flexible features. Here's a quick overview of the key details:

Features of Union Bank SCSS

The Union Bank of India offers the Senior Citizens Savings Scheme (SCSS), a government-backed savings initiative designed to provide financial security and attractive returns for senior citizens.

Here are the primary features of the Union Bank of India Senior Citizen Savings Scheme (SCSS) that make it a reliable investment choice for retirees:

• Eligibility: Available to individuals aged 60 years or above, and those aged 55 years or above who have opted for voluntary retirement.
• Investment Limit: Maximum investment allowed is ₹15 Lakhs, helping build a solid retirement corpus.
• Joint Accounts: These can be opened jointly with a spouse, offering shared ownership and ease of management.
• Account Tenure: Comes with an initial 5-year tenure, extendable by 3 more years upon maturity.
• Interest Payment: Interest is paid quarterly, ensuring a regular income stream during retirement.
• Premature Withdrawal: Permitted after 1 year, with applicable penalties based on withdrawal timing.
• Account Transfer: The account can be transferred between banks or post offices for added convenience.

Before investing in the Union Bank SCSS scheme, for an estimated investment amount, it is advised to calculate your interest and maturity amount. Use the SCSS calculator to calculate the returns of your Senior Citizens Savings Scheme investment.

Eligibility Criteria for Union Bank SCSS

The Union Bank Senior Citizen Savings Scheme (SCSS) is exclusively designed to provide financial security to senior citizens and retired individuals. This scheme offers guaranteed returns with attractive interest rates. Below are the eligibility criteria:

Union Bank SCSS Deposit Limits & Tenure

Union Bank’s SCSS provides flexibility with a reasonable deposit limit and tenure options. Here’s a summary of the key deposit features:

Tax Benefits for Union Bank SCSS

Investors in the Union Bank SCSS can also enjoy tax benefits under specific sections of the Income Tax Act:

Union Bank SCSS Premature Withdrawal Rules

While the Senior Citizen Savings Scheme (SCSS) is designed for long-term savings, account holders may need to withdraw funds before maturity. In such cases, the following premature withdrawal rules and penalties apply:

*Note: Premature withdrawal is allowed after completion of 1 year, subject to the penalties mentioned above.*

Check more on Senior Citizen Saving Scheme Rules & Regulations

Steps to Open a Union Bank SCSS Account

Follow these easy steps to open your account and begin earning regular interest on your investment.

1. Approach the customer service desk for assistance with SCSS.
2. This form is required to initiate the account opening process.
3. Include proof of identity, age, address, and retirement (if applicable).
4. The deposit should be between ₹1,000 and ₹15 Lakhs, in multiples of ₹1,000.
5. Once processed, your SCSS account is activated, and you start earning interest.

Required Documents For The India Senior Citizen Saving Scheme

To open an SCSS account in India, applicants must provide a set of essential documents. These help verify eligibility and ensure a smooth account opening process. Below is the list of documents typically required.

Here’s a neatly organized table for the SCSS Account Opening Form requirements: