Question : Senior Citizens Savings Schemes

(a) the details of the schemes functioning by banks under senior citizens savings schemes and the number of accounts which are operative till date, bank-wise;

(b) the number of senior citizens who have got benefited out of this scheme;

(c) the details of investment limit, rate of interest and the process of assessment of income tax regarding the said schemes;

(d) whether the Government is formulating a new policy for the said schemes and if so, the details thereof; and

(e) the other steps taken by the Government to make these schemes attractive and useful for senior citizens?

THE MINISTER OF STATE FOR FINANCE


(a) and (b): The Department of Economic Affairs (DEA) has informed that Senior Citizens Savings Scheme, 2004 is being operated through agency banks and post offices. As per data reported by Public Sector Banks, bank-wise details of operative accounts and unique senior citizen depositors under this scheme, as on 30.6.2019, are at Annex.
(c): As per inputs received from DEA, under the said scheme there is a minimum investment limit of Rs. 1,000 and a maximum limit of Rs. 15 lakh, and the rate of interest for the July to September quarter 2019 is 8.6%. Further, under the provisions of section 80C of the Income Tax Act, 1961, deposits made in the scheme are exempt from income tax.
(d): No, sir.
(e): As per inputs received from DEA, in order to make the scheme attractive and useful for senior citizens, the rate of interest on the scheme is fixed by adding 100 basis points to the market interest rates as determined by yield on Government securities.
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