Personal Loan
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  • Tenure of the SCSS deposit account: 5 years, which can be extended by 3 years.

  • Rate of interest: 7.4 (as per GoI notification dated 30.12.2020)

  • Frequency of computing interest: Quarterly and paid to customer.

  • Taxability: Interest is fully taxable.

  • Whether TDS is applicable: Yes. Tax will be deducted at source.

  • Investment to be in multiples of: Rs.1000/-

  • Maximum investment limit: Rs.15 lakh

  • Minimum eligible age for investment: 60 years (55 years for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) will be eligible to invest on attaining the age of fifty years subject to the fulfillment of other specified conditions.

  • Premature closure/withdrawal facility: Permitted after one year of opening the account but with penalty.

  • Nomination facility: Nomination facility is available.

  • Modes of holding: Accounts can be held both in single and joint holding modes. Joint holding is allowed only with spouse.

  • Applicability to NRI, PIO and HUFs: Non Resident Indians (NRIs), Persons of Indian Origin (PIO) and Hindu Undivided Family (HUF) are not eligible to open an account under the Scheme.

  • Transfer from one deposit office to another: Transfer of account from one deposit office to another is permitted.

NOTE: As this is a Govt. of India scheme, customers are advised to visit National Savings Institute website for latest instructions/ modification in the scheme.

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