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इंडियन आवाज़     19 Sep 2021 05:00:59      انڈین آواز

National Savings Institute should simplify Senior Citizens Savings Scheme (SCSS)

BY SUBHASH CHANDRA AGRAWAL

National Savings Institute should simplify Senior Citizens Savings Scheme (SCSS) with auto-renewal and auto-credit of maturity-amount to accounts where interest is credited

Department Posts should be complimented for sending SMSs suggesting renewal of Senior Citizens Savings Scheme (SCSS) Accounts to those whose investments in the scheme are nearing maturity. But new simplified account-opening forms for SCSS should be introduced which should be available on websites of Department of Posts and all public-sector banks whereby provision may be there to fill up the form at website itself and then download the filled-up form like system exists in case passport-application forms.

Moreover there should be provision of auto-renewal of SCSS accounts on maturity if so desired by the investor without requiring to visit concerned post-office or bank-branch. However if the investor does not opt for auto-renewal, then maturity-amount should be auto-credited in post-office savings-account or bank-account where quarterly interest is credited. Idea should be that senior citizens may not be compelled to go out of their homes for renewal or taking maturity-cheque especially now in era of corona-pandemic. System will save huge man-hours and unnecessary paper-work for post-offices and banks in renewal or giving maturity-cheque.

All government savings-schemes including SCSS should have provision of successive nomination like exists at LIC of India. Presently aged couples make their spouses nominees of each other, and matured amounts lie unclaimed in case of deaths of both the depositor and the nominee because it is very cumbersome procedure that legal heirs may claim deposits without having a succession certificate. Data can reveal that huge deposits in matured SCSS accounts are lying unclaimed with the government.

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