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Last Updated on 25/07/2017
Senior Citizen Scheme 2004

Senior Citizens Savings Scheme 2004 has been introduced by Government of India for the benefit of senior citizens which is operational from 01.11.2004 through select branches of Indian Overseas Bank (listed separately), besides other Banks and Post Office branches designated by the Ministry of Finance, New Delhi. 

Eligibility : 

a. Those who have attained the age of 60 years and above on the date of opening the account. 
b. Those retiring on superannuation or otherwise having attained the age of 55 years or more but less than 60 years on the date of opening the account.
c. Defence Personnel (excluding Civilian Defence Employees) retired on superannuation irrespective of the age limit. 
d. Non Resident Indians and Hindu undivided families are not eligible to open the account. 

Salient Features: 

The eligible depositor can open an account at any deposit office with a ceiling limit of Rs.15 lacs in multiples of thousands for a period of 5 years. The depositor can extend the account for a further period of 3 years on making a written request within a period of 1 year after maturity. 

The depositor may operate more than one account subject to the condition that deposits in all accounts taken together shall not exceed the ceiling of Rs.15 lacs or total amount representing his retirement benefits if he is under the category of retiring employee in the age group of 55 to 60 years, whichever is lower. 

The eligible depositor can open the account individually or jointly with the spouse without any eligibility criteria for the latter. Both the spouses can open individual and or joint accounts with each other with maximum deposits up to Rs.15 lacs each provided both are individually eligible to invest under relevant provisions of the rules governing the Scheme. 

Mode of Deposit 

a. In cash if the amount of deposit is less than Rs.1 lac
b. In other cases, by cheque or demand draft drawn in favour of the depositor and endorsed in favour of the depositor. 

Interest on Deposit 


The deposit made under the scheme earn interest @ 9% p.a from the date of deposit payable at the end of each calendar quarter e.g 31st March / 30th June / 30th September / 31st December. 

Nomination 

The depositor may nominate a person or persons in writing, at the time of opening the account or at any time after the opening of the account but before its closure. 

Closure of Account On Maturity 

The deposit made at the time opening of account shall be paid by the concerned deposit office after the expiry of five years from the date of opening of the account on production of the pass book accompanied by a written application (withdrawal form). 

In case the depositor does not close the account on maturity and also does not extend the account, the account will be treated as matured and the depositor will be entitled to interest at the rate applicable to the deposits under post office savings accounts during the post maturity period up to the end of the month preceding the month of closure of the account. 

On Death of the Depositor 

In case of death of the depositor before maturity the account shall be closed and deposit refunded on application along with interest to the nominee, or legal heirs in case the nominee has also expired or nomination was not made as per rules. 

However, in case of the demise of the principal depositor, the spouse either being a joint holder or sole nominee may continue the account on existing terms of the Scheme, provided the spouse has not opened any such account, and even if the spouse has another account the total deposits of both the accounts should not exceed Rs.15 lac. 

On Premature closure 

The depositor is permitted to withdraw the deposit and close the account at any time after the expiry of one year from the date of opening of the account subject to the following conditions: - 
a. In case the account is closed after the expiry of one year but before the expiry of two years from the date of opening of the account, an amount equal to one and half percent of the deposit shall be deducted and the balance paid to the depositor. 
b. In case the account is closed on or after the expiry of two years from the date of opening of the account, an amount equal to one percent of the deposit shall be deducted and balance paid to the depositor. 

Transfer of Account 

A depositor has the option of transfer of account from one deposit office to another if required.

OVERSEAS BANK LIST OF BRANCHES  COLLECTING  SCSS- 2004 

 

 

 

 

 

S.No.

Collecting Branch Name

Branch

BSR

Region

1

Hyderabad

30

270062

HYD

2

Lakdikapul

437

270444

HYD

3

Guntur

28

270074

VIJ

4

Rajahmundri

77

270067

VIZ

5

Daryaganj

17

270015

DEL ( I )

6

Karol Bagh

35

270019

DEL ( I )

7

Janpath

65

270018

DEL ( I )

8

Defence Colony

115

270016

DEL ( II )

9

Rajouri Garden

193

270020

DEL ( I )

10

Golf Links

265

270017

DEL ( I )

11

Model Town

288

270283

DEL ( I )

12

Roop Nagar

349

270351

DEL ( I )

13

Pusa Road  New Delhi

442

270449

DEL ( I )

14

Tolstoy Marg

531

270531

DEL ( I )

15

Janakpuri

544

270544

DEL ( I )

16

Punjabi Bagh

687

270689

DEL ( I )

17

Greater Kailash - II

725

270729

DEL ( I )

18

Parliament Street. New Delhi.

762

270766

DEL ( I )

19

Safdarjung Enclave

919

270824

DEL ( II )

20

Cannaught Place

997

270902

DEL ( I )

21

Shalimar Bagh

1450

271461

DEL ( I )

22

Naranpura, Ahmedabad

879

270929

AHD

23

Bangalore City

11

270079

BGL

24

Bangalore  Cantonment.

12

270077

BGL

25

Mysore

61

270082

BGL

26

Shantinagar

136

270081

BGL

27

Yadavagiri

267

270084

BGL

28

Residency Road, Bangalore

268

270080

BGL

29

Indira Nagar

604

270604

BGL

30

East End Main Road.

677

270679

BGL

31

Jayanagar-7th Block

842

270965

BGL

32

Kumara Park,Bangalore

1193

271186

BGL

33

J.P.Nagar

1302

271390

BGL

34

Ernakulam

24

270257

ERN

35

Kozhikode (Calicut)

41

270265

KOZ

36

Thiruvananthapuram

99

270247

TVM

37

Power Houseroad-Trivandrum

866

270916

TVM

38

Fort - Mumbai

14

270045

MUM-M

39

Matunga

56

270050

MUM-M

40

Kalbadevi Road  -Bombay.

111

270047

MUM-M

41

Bandra(West),Mumbai

128

270042

MUM-M

42

Opera House -Mumbai

140

270052

MUM-M

43

Chembur

141

270044

MUM-M

44

Ghatkopar,Mumbai

162

270046

MUM-M

45

Juhu -Mumbai.

199

270054

MUM-M

46

Worli - Bombay

205

270055

MUM-M

47

Andheri West  Mumbai

209

270041

MUM-M

48

Santa Cruz - Mumbai

247

270053

MUM-M

49

New Marine Lines- Mumbai

301

270301

MUM-M

50

Jogeshwari

330

270327

MUM-M

51

Byculla, Mumbai

343

270345

MUM-M

52

Delisle Road-  Mumbai

388

270395

MUM-M

53

Garodia Nagar - Mumbai

397

270404

MUM-M

54

Wadala - Mumbai

431

270439

MUM-M

55

Cheddanagar

487

270498

MUM-M

56

Sion East, Mumbai

542

270542

MUM-M

57

Borivli(West), Mumbai

584

270584

MUM-M

58

Khar  -Mumbai

602

270602

MUM-M

59

Nariman Point       Bombay

625

270626

MUM-M

60

Chakala, Mumbai

756

270759

MUM-M

61

Malad (West) Mumbai

973

270878

MUM-M

62

Pali Hill -Bandra West.

1132

271106

MUM-M

63

Iskcon-Mumbai

1245

271245

MUM-M

64

Pune  City

153

270057

MUM-NM

65

Pune-Cantonment

722

270726

MUM-NM

66

Vashi

596

270597

MUM-NM

67

Pondicherry

70

270269

PON

68

Cuddalore (O.T.)

21

270131

PON

69

Big Bazaar Street, Coimbatore.

20

270180

CBE

70

Ramalinga Nagar, Coimbatore

66

270183

CBE

71

R.S.Puram    Coimbatore

79

270184

CBE

72

Gandhipuram

130

270181

CBE

73

Dr.Nanjappa Road  Coimbatore

419

270426

CBE

74

Thiruvanaikoil

202

270294

TCY

75

Adayar

2

270100

CHE- (II)

76

Kodambakkam - Chennai

38

270101

CHE- (II)

77

Kilpauk

571

270571

CHE- (I)

78

Esplanade - Chennai

48

270099

CHE- (I)

79

Mount Road -Chennai

58

270102

CHE- (I)

80

Sowcarpet -Chennai

86

270108

CHE- (I)

81

T.Nagar-Chennai

91

270109

CHE- (I)

82

Santhome -Chennai

108

270107

CHE- (I)

83

Cathedral

109

270094

CHE- (I)

84

Nungambakkam -Chennai

183

270104

CHE- (I)

85

Besant Nagar

258

270098

CHE- (II)

86

Anna Nagar   -Chennai

270

270091

CHE- (II)

87

West C.I.T.Nagar-Chennai

441

270448

CHE- (II)

88

Ashok Nagar

463

270472

CHE- (II)

89

Tower- Chennai

475

270484

CHE- (II)

90

Sriram Nagar - Chennai

479

270488

CHE- (II)

91

Egmore

522

270522

CHE- (I)

92

R.K.Nagar -Chennai

641

270642

CHE- (I)

93

Tambaram

87

270114

CHE- (II)

94

Virugambakkam

289

270284

CHE- (II)

95

Thiruvanmiyur

418

270425

CHE- (II)

96

Saligramam

676

270678

CHE- (II)

97

Kancheepuram Main

157

270112

KAN

98

Karaikudi Main

34

270212

KKDI

99

Chokkikulam  -Madurai.

18

270201

MDU

100

Madurai Main

49

270202

MDU

101

A.A.Nagar, Madurai

651

270653

MDU

102

Nagercoil

63

270238

NGR

103

Salem Main

80

270177

SAL

104

Leigh Bazaar

655

270657

SAL

105

Maharaja Nagar Colony

292

270287

T.VELI

106

Palayamkottai

67

270229

T.VELI

107

Tirunelveli  Town

94

270228

T.VELI

108

Tirunelveli Junction

570

270570

T.VELI

109

Nilagirivattam, Thanjavur

212

270350

TAN

110

Tiruchirapalli    Main

92

270159

TCY

111

Tiruchirapalli-Cantonment

93

270158

TCY

112

Tuticorin

100

270226

TUTI

113

Lucknow

207

270012

LUC

114

Indira Nagar, Lucknow

684

270686

LUC

115

Meerut

340

270341

MEE

116

Ghaziabad

457

270465

Delhi (II)

117

Chandigarh Main

284

270280

CHAN

118

India Exchange Place,Kolkata

15

270001

CAL-M