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Senior Citizens Savings Scheme: post office accounts for seniors with defined eligibility, 15 lakh deposit ceiling, five year maturity and prescribed interest and withdrawal rules. The Rules create the Senior Citizens Savings Scheme permitting individuals aged 60+ (and certain voluntarily retired persons 55-59) to open post office accounts; deposits must be in multiples of one thousand up to a combined ceiling of fifteen lakh rupees, with specified modes of payment. Accounts mature after five years and may be extended three years by application; quarterly interest is payable at the prescribed rate and post maturity interest rules apply. Premature closure after one year is allowed subject to percentage deductions; nominations, joint account rules, death claim procedures, transfer, prescribed forms and documentary requirements are set out, and NRIs/HUFs are ineligible to open new accounts.
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Provisions expressly mentioned in the judgment/order text.
Senior Citizens Savings Scheme: post office accounts for seniors with defined eligibility, 15 lakh deposit ceiling, five year maturity and prescribed interest and withdrawal rules.
The Rules create the Senior Citizens Savings Scheme permitting individuals aged 60+ (and certain voluntarily retired persons 55-59) to open post office accounts; deposits must be in multiples of one thousand up to a combined ceiling of fifteen lakh rupees, with specified modes of payment. Accounts mature after five years and may be extended three years by application; quarterly interest is payable at the prescribed rate and post maturity interest rules apply. Premature closure after one year is allowed subject to percentage deductions; nominations, joint account rules, death claim procedures, transfer, prescribed forms and documentary requirements are set out, and NRIs/HUFs are ineligible to open new accounts.
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