Senior Citizen Savings Scheme (SCSS) Quiz

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Topic: Senior Citizen Savings Scheme (SCSS)

Number of Questions: 10

1. Senior Citizen Savings Scheme (SCSS) was introduced in 2004 as per the ___
   A) Senior Citizens Savings Scheme Act,2004
   B) Senior Citizens Savings Scheme Rules,2002
   C) Senior Citizens Savings Scheme Act,2002
   D) Senior Citizens Savings Scheme Rules,2004
   
   View answer

     Option D
   Explanation: Senior Citizen Savings Scheme (SCSS) was introduced in 2004 as per the Senior Citizens Savings Scheme Rules,2004. It is a one time saving investment scheme provided by central government to the retirees.
2. Who is not eligible for Senior Citizen Savings Scheme (SCSS)?
   A) Retired personnel of Defence Services
   B) Person who has taken VRS on attaining 58 years
   C) NRI
   D) Person above the age 60 years
   
   View answer

     Option C
   Explanation: HUFs and NRIs are not allowed to invest in this scheme.
3. How many deposits are allowed in Senior Citizen Savings Scheme (SCSS)?
   A) 1
   B) 6
   C) 12
   D) No Such limit
   
   View answer

   Option A
   Explanation: There shall be only one deposit in the account in multiple of one thousand rupees not exceeding Rupees Fifteen lakhs
4. What is the maximum deposit limit in Senior Citizen Savings Scheme (SCSS)?
   A) Rs 5 lakh
   B) Rs 10 lakh
   C) Rs 15 lakh
   D) No Such Limit
   
   View answer

   Option C
   Explanation: There shall be only one deposit in the account in multiple of one thousand rupees not exceeding Rupees Fifteen lakhs. Deposits by depositors shall be restricted to the retirement benefits received by them or rupees fifteen lakh, whichever is lower.
5. Cash deposit is allowed under Senior Citizen Savings Scheme (SCSS) upto the amount of ___?
   A) Rs 50,000
   B) Rs 1 lakh
   C) Rs 10,000
   D) Rs 2 lakh
   
   View answer

   Option B
   Explanation: Cash deposit is allowed only when deposit is less than Rs 1 lakh. For higher amount Cheque/DD is required.
6. What is the maturity period of Senior Citizen Savings Scheme (SCSS)?
   A) 3 years
   B) 5 years
   C) 10 years
   D) Till the death of beneficiary
   
   View answer

   Option B
   Explanation: 5 years. One extension of 3 years is allowed. Such extended accounts can also be closed after one year of extension without any penalty.
7. Premature closure of Senior Citizen Savings Scheme (SCSS) is allowed minimum after how many years?
   A) 1 year
   B) 2 years
   C) 1.5 years
   D) 2.5 years
   
   View answer

   Option A
   Explanation: Premature closure is allowed after one year on deduction of an amount equal to1.5% of the deposit & after 2 years 1% of the deposit.
8. How many Senior Citizen Savings Scheme (SCSS) account can an individual operate?
   A) Only one
   B) 2
   C) 3
   D) No such limit
   
   View answer

   Option D
   Explanation: A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife).
9. The interest in Senior Citizen Savings Scheme (SCSS) is paid at what intervals?
   A) Monthly
   B) Quarterly
   C) Half yearly
   D) Yearly
   
   View answer

   Option B
10. Identify the false statement regarding Senior Citizen Savings Scheme (SCSS)
    A) TDS is deducted at source on interest if the interest amount is more than INR 10,000/- p.a.
    B) After maturity, the account can be extended for further five years
    C) A depositor may open the account in individual capacity or jointly with spouse
    D) There shall be only one deposit in the account in multiple of INR.1000/-
    
    View answer

    Option B
    Explanation: After maturity, the account can be extended for further three years
11. Interest Rate of SCSS?– Check Here

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