The rule is not certain to any category of employer and, for that reason, anybody can deploy the retirement corpus in the SCSS.
SCSS Scheme Eligibility: Will a private sector employee be permitted to invest in Senior Citizen Savings Scheme 2019? This was a query raised by an employee to the Department of Posts below the Ministry of Communications. In order to clarify the matter, the division not too long ago issued a note concerning the eligibility for the opening of Senior Citizen Savings Scheme (SCSS) accounts. The clarification reads that the SCSS 2019 rule does not specify the category of employer and therefore any investor fulfilling the situations laid out in the scheme is permitted to open SCSS account in the post workplace of his decision.
According to the communication, a post workplace savings bank account holder, formerly employed with Abbott Healthcare, Tanjore had sought for clarification by way of e-mail no matter if he getting a retired from a private enterprise and 58 years of age is eligible to open SCSS account.
The Department states that a detailed process connected to the opening of SCSS accounts have been laid down in Senior Citizen Savings Scheme below Rule 3 (ii) of Senior Citizen Savings Scheme 2019 that specifies,
“an individual who has attained the age of fifty-five years or more but less than sixty years, and who has retired on superannuation or otherwise on the date of opening of an account under this Scheme is eligible to open the account, subject to the condition that the account is opened by such individual within one month of the date of receipt of the retirement benefits and proof of date of disbursal of such retirement benefit(s) along with a certificate from the employer.”
Also Read: Home loans beginning at 6.75%: Here’s what banks and HFCs are currently offering
The rule is not certain to any category of employer and, for that reason, anybody can deploy the retirement corpus in the SCSS. Any consumer fulfilling the situations laid out in the Scheme is permitted to open SCSS account in the post workplace of his decision.