The Hindu Business Line : Senior citizens savings scheme coverage extended

THE Union Government has extended the coverage of the Senior Citizens Savings Scheme to individuals who have already retired. Retired individuals who have so far not opted for the scheme can now invest in it before November 26 this year i.e. within one month from the date of the latest amendment to the scheme.

Further, retired personnel of the defence services would also now be eligible to subscribe to the scheme, an official release said here on Thursday. A provision has also been made for adding the photograph and signature of the nominees under such accounts.

The release added that those persons retiring on superannuation or otherwise and who have attained the age of 55 years or more but less than 60 years, have also been made eligible to subscribe to the scheme. The deposits made by such persons would, however, be restricted to their retirement benefits or Rs 15 lakh — whichever is lower.

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