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The interest rates for small savings scheme, including Senior Citizen Savings Scheme, are assessed on a quarterly basis by the Ministry of Finance.
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If the spouse is a joint holder or sole nominee, the account can be continued till maturity if they are eligible and don't hold another SCSS account.
The Senior Citizen Savings Scheme account allows for early closure at any time, with varying deductions based on the closure period.
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To open a Senior Citizen Savings Scheme account, fill out the application form, nomination form, and provide necessary KYC documents (PAN and Aadhaar), photos.
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