HDFC Bank Senior Citizens Saving Scheme (SCSS) account eligibility, fees, documents - all key details here

HDFC Bank has started offering Senior Citizen Savings Scheme (SCSS) to help investors secure their financial stability after retirement.

SCSS is a reliable government-backed investment option. It offers guaranteed returns every quarter against an investment of up to ₹30 lakh.

An SCSS account at HDFC Bank can be opened by visiting any of the bank’s branches. Here are all the key details you need to know about opening an SCSS account in HDFC Bank, as per information available on the bank's website.

HDFC Bank SCSS account: Documents required

You will need the following documents to open an SCSS account in HDFC Bank.

• Passport size photograph
• Copy of self-attested PAN Card
• Copy of self-attested Aadhaar Card along with Non-DBT Aadhaar Declaration
• Completely filled SCSS account opening form (which can be downloaded from HDFC Bank’s website)

Any one of the following documents can be submitted as proof of ID and Address:

• Aadhaar card, PAN Card, Passport, Driving Licence, Voter ID Card, and Job Card issued by NREGA and signed by a State Government officer.

If investing over ₹10 lakh, you will have to submit proof of your source of funds. Additionally, if the investor's age is less than 60 years then s/he will have to submit the following additional documents:

• Certificate from employer indicating the details of retirement
• Proof of date of disbursal of retirement

HDFC Bank SCSS account: Fees and charges

• Registration, change, or cancellation of Nomination: Nil
• Duplicate passbook: ₹50
• Statement of Account: ₹20
• Transfer of account (per registration): ₹100

The bank says that the following cases will not be treated as transfer:

• Accounts frozen under SCWF Rule, 2016 and closed
• Discontinued schemes account or certified closed

According to the bank, PAN and Aadhaar are mandatory for opening an account under this scheme,

HDFC Bank SCSS account: Eligibility

• Resident individuals aged 60 years or above (especially pensioners).
• Retired civilians aged between 55-60 on superannuation, VRS or Special VRS.
• Retired Defence services personnel aged 50-60 (excluding civilian defence personnel)
• Spouse of deceased central and state government employees (who died after attaining 50 years).

The interest rate on SCSS deposits is revised by the government every quarter. However, the rate at which you make your deposit once will remain fixed for five years.

For example, the current SCSS interest rate is 8.2%. If you deposit in SCSS at this rate, it will remain unchanged for 5 years even if the government changes the interest rate for new accounts in this duration.