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Ashutosh Chakraverty

SCSS fixed deposit and tax exemption

P.O Senior Citizen Saving Scheme is also available with some nationalised banks like SBI. Maximum 15 lakh can be deposited @ 8.3% interest and lock in period is 5 years. One get up to 1.5 lakh 80C rebate in his Income tax calculation.
My question is:
Whether one can deposit 1.5 lakh every year to get 80C rebate because he will not exceed 15lakh cap on deposit in 5 year lock-in duration. more  

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UDAY GB
We differ with the above version. The Interest in any and all the accounts are treated as one income of the individual and as per the tax slab - prescribed it is Taxable, subject to the various other headings of Exemptions. Hence be careful well before doing any deposits. more  
H Rao
For every deposit, you have to open a new account every year seperately and then only you get 80c exemption.It may not be possible to put money in same account. From opening date,for every deposit you have to wait for 5 years as they are treated seperately. Besides interest payable on it every three monhs is taxable. more  
Saripalli Suryanarayana (https://www.globaldevhub.org/user/[2]https://www.unteamworks.org/user/89155)
If this is true what is the best way. more  
Ajit Ronad
Also another friend has his ac in Bank of Baroda Nashik branch. In fact as per the scheme any bank branch accepting PPF ac is authorized to open an Senior Citizen Saving Scheme 2004 ac. more  
Ajit Ronad
Answer for Mr. Brij, I have my SCSC 2004 in SBI CIDCO Nashik MH branch which was opened without any hassle. My friend has his ac in ICICI Nashik branch. I enabled my friend to open the ac in ICICI. We met the branch manager and showed him on ICICI site that his bank is authorised to open these ac. He did procure the requisite forms and we opened the ac. After this incidence non my colleagues from BOSCH had any hassles to open their ac. more  
Raghuveer Sahore (reformer)
yes, you can buy any time , any number of time till it reaches 15 lakh. earlier interest was 9.3%. more  
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