DelhiDesk Bank of Baroda has announced that the Senior Citizen Savings Scheme (SCSS) can be closed and the deposit amount withdrawn at any time. However, there are conditions that must be met for premature closure of SCSS accounts. If the account is closed within one year, the interest amount will be recovered and the principal amount paid to the account holder. If the account is closed after one year but before the expiry of two years, 1.5% of the principal amount will be deducted. If the account is closed on or after two years, 1% of the principal amount will be deducted. If the account has been extended by a senior citizen for a further three years, it can be closed at any time after one year from the date of extension without any deduction. The closure process can be completed on the same day by visiting a Bank of Baroda branch and submitting the request in the prescribed form along with documents.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 Senior Citizen Savings Scheme (SCSS) is a government deposit scheme.
👉 Bank of Baroda follows the guidelines set by the Ministry of Finance and the advice given by the National Savings Institute.
👉 Account holder can withdraw deposit amount and close account at any time.
👉 Conditions have to be met for premature closure of SCSS accounts.
👉 Interest amount will be recovered if account is closed within one year of opening.
👉 1.5% of principal amount will be deducted if account is closed after one year but before two years from opening.
👉 1% of principal amount will be deducted if account is closed on or after two years of opening.
👉 Account can be closed after one year from extension without any deduction.
👉 No additional condition imposed by bank for premature closure of SCSS accounts.
👉 Senior citizens have to visit Bank of Baroda branch and submit request in prescribed form along with documents.
👉 Account closure process can be completed by branch on same day.
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