Latest news with #Senior
News18
a day ago
- Business
- News18
How To Start A Senior Citizen Savings Account: Step-By-Step Guide
Launched by the Government of India in 2004, the scheme allows a maximum deposit of Rs 30 lakh. As individuals grow older, securing financial stability becomes more important than ever. One dependable way to safeguard your future is by investing in the Senior Citizens Savings Scheme (SCSS), a government-backed savings option designed specifically for those aged 60 and above. More than just a regular bank account, SCSS acts as a financial safety net during your retirement years, offering higher interest rates, exclusive banking benefits, and the peace of mind that comes with stable returns. Launched by the Government of India in 2004, the scheme allows a maximum deposit of Rs 30 lakh, with an initial tenure of 5 years, extendable by an additional 3 years upon maturity. Early retirees aged 55 to 59 who have opted for Voluntary Retirement Scheme (VRS) or superannuation, as well as retired defence personnel aged 50 to 59, are also eligible to open a Senior Citizens Savings Scheme (SCSS) account. Accounts can be opened individually or jointly with a spouse, with deposits capped at Rs 30 lakh per individual. You can open an SCSS account at any post office or at authorised public and private sector banks across India. Step 4: Complete the application form and submit the required documents. Step 5: Deposit the minimum required amount, usually ranging from Rs 500 to Rs 5,000 depending on the bank. Step 6: Once the account is opened, enjoy benefits like higher interest rates, priority service, free chequebooks, and more. Senior Citizen Saving Scheme: Documents required Two passport-size photographs A PAN card is mandatory. ID proof (Aadhaar card, passport, driving license issued by the Regional Transport Authority, voter ID card, and job card issued by NREGA, signed by the state government officer) Proof of address, such as electricity bills or telephone bills. Age proof, like a birth certificate or senior citizen card. If the investor is less than 60 years old, he/she will require a certificate from the employer indicating the details of retirement on superannuation or otherwise, employment held, retirement benefits, and the period of such employment with the employer. First Published: July 22, 2025, 10:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hi Dubai
2 days ago
- General
- Hi Dubai
Dubai Launches Major Initiative to Promote Volunteerism Across All Communities
The Community Development Authority (CDA) has launched the 'Volunteerism Awareness and Engagement' project in alignment with the 'Year of Community', aiming to embed the values of civic engagement, inclusion, and public service into every layer of Dubai's society. This flagship initiative not only promotes awareness about the volunteering ecosystem, including the rights and responsibilities of volunteers, but also creates diverse platforms for all age groups to contribute, either through direct service or by stepping into leadership roles within the sector. Key Highlights: Over 1 million volunteer hours recorded in 2024, signaling a significant rise in community participation. recorded in 2024, signaling a significant rise in community participation. Nearly 59,000 volunteers are registered on CDA's platform. are registered on CDA's platform. In Q1 2025 alone: 18,000 volunteers participated in programs 500,000 hours of service rendered Estimated economic impact: AED 40 million Skilled volunteering is on the rise: 500 volunteers contributed 8,000 hours to 100+ specialised projects is on the rise: New Community Initiatives Introduced: First volunteer team of People of Determination , enabling inclusive roles in society. , enabling inclusive roles in society. Senior Citizens Volunteer Team from the Thukher Club, acknowledging intergenerational wisdom. from the Thukher Club, acknowledging intergenerational wisdom. Mothers and Daughters: Visits to hospital patients to foster compassion. Visits to hospital patients to foster compassion. A Day with Senior Citizens: Promoting intergenerational bonding. Promoting intergenerational bonding. Agriculture Zones: Connecting students with the elderly in educational gardening. Connecting students with the elderly in educational gardening. Recycling Awareness: Environmental responsibility campaigns. Environmental responsibility campaigns. Volunteer Leadership Hub: Developing certified volunteer leaders. Developing certified volunteer leaders. National identity programmes like Sana'a etiquette sessions and storytelling for cultural awareness. The project stems from a community ideation workshop, which included diverse participants—from government bodies to people of determination—and has produced a roadmap focused on sustainable, impact-driven volunteering opportunities. CDA affirmed that strong public-private partnerships will be central to ensuring these efforts translate into long-term societal benefit. News Source: Emirates News Agency
News18
4 days ago
- Business
- News18
Post Office Senior Citizen Savings Scheme: Invest Once, Get Guaranteed Rs 20,000 Every Month
Last Updated: A lump sum investment of Rs 30 lakh in SCSS gives an annual return of approximately Rs 2.46 lakh, which translates to around Rs 20,500 per month The post office near your home is not just a place to send letters, it also offers safe and reliable investment options. One such scheme is the Senior Citizen Savings Scheme (SCSS), which is backed by a government guarantee. This scheme offers an attractive interest rate of 8.2% per annum, making it a better option than most bank fixed deposits. SCSS is especially beneficial for retirees looking for regular monthly income. You can start investing in SCSS with just Rs 1,000, and the maximum investment limit is Rs 30 lakh. An added advantage is tax savings under Section 80C, offering deductions of up to Rs 1.5 lakh annually. Any individual aged 60 years or above can invest in SCSS. Civil employees who have taken voluntary retirement between 55 to 60 years, and retired defence personnel between 50 to 60 years, are also eligible. A joint account can be opened with a spouse. The scheme runs for five years, with the option to extend it for another three years. However, if the account is closed within one year, no interest is paid. If closed between two and five years, the interest amount is reduced by 1% as a penalty. A slightly higher penalty applies for closure before two years. For example, if someone invests Rs 20 lakh, the maturity amount in five years at 8.2% interest will be Rs 28.2 lakh. This includes a quarterly interest payout of about Rs 41,000, totalling Rs 8.2 lakh in five years. It provides a monthly income of roughly Rs 13,666. SCSS stands out as a secure and stable financial plan for senior citizens. It not only offers excellent returns and tax benefits but also comes with the trust of a government guarantee. For those looking to secure a steady income post-retirement, this scheme is a dependable choice. Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Reuters
5 days ago
- Business
- Reuters
UK's Senior Plc to sell Aerostructures business, shares soar
July 18 (Reuters) - British engineer Senior Plc (SNR.L), opens new tab will sell its Aerostructures business to private equity investor Sullivan Street Partners for up to 200 million pounds ($269 million), it said on Friday, sending shares 19% higher. Senior, which supplies to Boeing (BA.N), opens new tab and Airbus ( opens new tab, said it would use part of the sale proceeds to cut debt and fund a share buyback worth about 40 million pounds. "You're likely to see our progressive dividend continue to increase," CEO David Squires told Reuters, adding that the company may explore more accretive M&A opportunities in the future. Shares rose to their highest level since 2019. Loss-making Aerostructures, part of the Senior's mainstay aerospace business, manufactures airframe and aero engine components for commercial aerospace and the defence sectors. Senior expects the division to turn profitable this year. Following the sale, Senior will focus on its business that provides fluid conveyance and thermal management solutions to the aerospace and land vehicle and power industries. "The group's equity story will now also be able to evolve/progress, with the market able to focus on 'remainco' and the upside potential that exists and the scope for considerable shareholder returns," Jefferies analysts said in a note. After a tough 2024, which saw profits fall roughly 14%, Senior has seen demand grow from civil aerospace customers and expects the group to grow this year. Squires said that the company is well positioned to benefit from increased global defence spending and continues to see opportunities under military aircraft procurement programs. As part of the deal, Senior will receive an initial consideration of 150 million pounds and may receive up to an additional 50 million pounds in the first half of 2026, depending on Aerostructures' performance in 2025. ($1 = 0.7447 pounds)
News18
5 days ago
- Business
- News18
SCSS Explained: 8.2% Interest, Tax Savings, And Guaranteed Income For Senior Citizens
SCSS not only provides safety but also offers a regular income to retirees. Senior citizens often look for safe and steady income options. At a time when fixed deposit rates are fluctuating and many investment options offer lower returns, one scheme stands strong – the Senior Citizen Savings Scheme (SCSS). SCSS not only provides safety but also offers a regular income to retirees. It gives an impressive 8.2 per cent per annum interest. Senior citizens can also get a tax benefit under Section 80C up to Rs 1.5 lakh. What is SCSS? The Senior Citizen Savings Scheme is a government-backed savings plan designed specifically for people aged 60 years and above. The scheme is available at post offices and authorised banks. The interest rate is paid every quarter. The minimum amount you need to deposit is Rs 1,000, and the maximum is Rs 30 lakh. When the total amount is less than Rs 1 lakh, an individual may deposit the money in cash. When the deposit exceeds Rs 1 lakh, the person should pay using a cheque. Repayment Tenure The repayment tenure for SCSS is 5 years. But if you want to close it prematurely, you can do so by filling Form 2. But you cannot withdraw multiple times; only one-time full withdrawal is allowed. If you want to close the account before 1 year, then you will have to return all the interest you earned. And if you close the account after 1 year but before two years, then a penalty of 1.5 per cent will be imposed on your deposit amount. If you are willing to close the account after 2 years, then a penalty of 1 per cent will be deducted from your deposit. How to open SCSS account? Go to any post office or authorised bank branch. Fill Form A, which is the SCSS account opening form. Enter personal details such as name, date of birth, address, deposit amount and nominee details. Submit the required documents such as Aadhaar Card, PAN card, passport, passport size photo and retirement proof. Deposit the amount in cash if the amount is less than Rs 1 lakh or by cheque or demand draft for above Rs 1 lakh. Once the verification is done, the account will be opened. You will get a passbook or account confirmation. You can also open a joint account with your spouse but the primary account holder must be a senior citizen. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
