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 Maturiry

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