Senior Citizen Saving Scheme, 2019

Senior Citizen Saving Scheme details

  • It is a Government of India product
  • Interest rate is 7.4%. Rate of interest is as decided by Ministry of Finance from time to time
  • The product is offered by Government of India and hence is one of the most safest investment option

Tax Deducted at Source (TDS) is applicable on the interest amount earned on a quarterly basis for investment in the Senior Citizen Savings Scheme. For exemption, Form 15H has to be submitted at any nearest ICICI bank branch every financial year.

Advantages of ICICI Banks Senior Citizen Savings Account

  • Facility of Direct Credit of Interest to ICICI Bank Account
  • Account Statement containing the details of Deposit Balance & transactions
  • Phone Banking Facility (for queries)