Extending the prescribed time limit of one month post retirement for retirees to invest in Sr. Citizen Savings Scheme (SCSS).
The undersigned is directed to inform that vide O.M. No. 3/3/2019-NS (Pt.1) dated 21.05.2020, the MoF (DEA) has decided to relax some regulatory provisions to safeguard the interest of Small Savings Depositors in view of the lockdown in the country due to COVID-19 pandemic.
Accordingly the following relaxation guidelines in reference to Sr. Citizen Savings Scheme (SCSS) are issued with immediate effect regarding –
a) Individual retired (within the age bracket 55-60 years) on Superannuation or otherwise and got retirement benefits in February-2020, March-2020 and April-2020 are eligible to open SCSS account up to 30th June, 2020.
b) Personnel from Defence Services retired and got retirement benefits in February-2020, March-2020 and April-2020 are also eligible to open SCSS account up to 30% June, 2020 under the prescribed eligibility conditions applicable to them.
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