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Government has issued certain amendments to the Senior Citizens Savings Scheme.
Persons retiring on superannuation or otherwise and who have attained the age of 55 years or more but less then 60 years, have also been made eligible to subscribe to the scheme. Deposits by such persons shall be restricted to their retirement benefits or rupees fifteen 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, that is by 26th November, 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.
The original rules and the amendment are available on Finance Ministry’s web-site www.finmin.nic.in
It is also clarified that all eligible investments made in the 6.5% Savings (Non-taxable) Bonds, 2003, prior to the withdrawal of the scheme with effect from 10th July, 2004, shall continue to earn interest as provided in the scheme until their maturity.
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