UCO BANK Senior Citizen Savings Scheme
UCO BANK Senior Citizen Savings Scheme from Assamese Download
The Senior Citizen Savings Scheme (SCSS) offered through UCO Bank is a government-backed investment plan providing guaranteed returns, tax benefits, and steady quarterly income for retirees. [1, 2]
📋 Overview of Key Highlights
| Feature [3, 4, 5] | Scheme Details |
|---|---|
| Current Interest Rate | 8.2% per annum (compounded and paid quarterly) |
| Investment Limits | Minimum ₹1,000 up to a maximum of ₹30 Lakh |
| Maturity Period | 5 Years (extendable by an additional 3 years) |
| Tax Deductions | Up to ₹1.5 Lakh yearly under Section 80C |
🔑 Critical Features & Rules
- Eligibility Requirements:
- Individuals aged 60 years or above.
- Retired civilian employees aged 55–60 years (must invest within 1 month of receiving retirement benefits).
- Retired defense personnel aged 50–60 years.
- Account Ownership: You can open an account individually or jointly with your spouse. In joint holdings, the entire deposit amount is legally attributed strictly to the first account holder.
- Quarterly Payouts: Interest earnings are disbursed on the first day of each quarter (April 1, July 1, October 1, and January 1). Unclaimed payouts do not accrue extra interest.
- Account Extension (Form-B): To continue the scheme for an extra 3-year block, you must submit an extension application (Form-B) within 1 year of your initial 5-year maturity date (p. 4).
- Premature Closure Charges (Form-E): Early withdrawal is allowed after 1 year via Form-E but incurs specific penalties (p. 8):
- Before 1 Year: All paid interest is recovered from the principal balance.
- Between 1 to 2 Years: A penalty of 1.5% is deducted from your principal.
- After 2 Years: A penalty of 1% is deducted from your principal. [1, 5, 6, 7, 8]
📄 Necessary Documentation for Application
To set up an account at a UCO Bank Deposit Office, you must attach self-attested copies of the following to Form-A (p. 1): [1]
- Age Verification: A PAN Card, Passport, Voter ID, or Birth Certificate (p. 3).
- Tax Registration: Permanent Account Number (PAN) or an applicable self-declaration form (p. 3).
- Payment Proof: A completely filled out Pay-in-Slip (Form-D) matching your initial single-installment deposit (p. 3). [5, 9]
If you are setting up your account, let me know:
- Your exact age or retirement category.
- The total amount you intend to invest.
- Whether you want to open a single or joint account.
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