Guidelines for senior citizens scheme eased

New Delhi, Oct 28 | Updated: Oct 29 2004, 05:42am hrs
The government has relaxed the norms for the Senior Citizens Savings Scheme by allowing persons who have attained the age of 55 years to invest in the scheme.

According to an official press note, persons retiring on superannuation or otherwise and who are 55 or more but less then 60 years of age, will be eligible to subscribe to the scheme. Deposits by such persons shall be restricted to their retirement benefits or Rs 15 lakh, whichever is lower. Individuals who have already retired, shall also be eligible to invest under the scheme within a period of one month of the date of amendment to the scheme i.e., November 26, 2004.

It has further been decided that the retired personnel of defence services will be eligible to subscribe to the scheme. A provision has also been made for adding the photograph and signature of nominees under such accounts.