Senior Citizens Savings Scheme, 2004 - Clarification in respect of rate of interest in death cases - Income Tax - DGBA.CDD. H-15824/15.15.001/2006-07

Circular Senior Citizens Savings Scheme Senior Citizens Savings Scheme, 2004 - Clarification in respect of rate of interest in death cases Circular No. DGBA.CDD. H-15824/15.15.001/2006-07, dated 30-4-2007 Please refer to rule 8(3) of Senior Citizens Savings Scheme, 2004 (SCSS) framed by Government of India, Ministry of Finance, vide Notification No. G.S.R. 490(E), dated August 2, 2004, in respect of closure of SCSS account in case of death of a depositor before maturity. 2. In this connection, Government of India, Ministry of Finance has, further, clarified that in cases where the depositor has expired before the maturity of the deposits and the nominee/legal heir approach the banker for closure of the deposit account, the nominee/legal heir in such cases is entitled to the benefit of Saving Bank rate of interest for the period commencing the date of death of the depositor to the date of closure of the account under SCSS, 2004. 3. The contents of this circular may be brought to the notice of designated branches of your bank for information and compliance.