Can I open SCSS account for my parents?
Table of Contents
- 1 Can I open SCSS account for my parents?
- 2 How can I save my parents retirement money in India?
- 3 What is the best investment for senior citizens in India?
- 4 Can I invest in PPF for my mother?
- 5 Can I open NPS account for my mother?
- 6 Can I invest on behalf of a family member?
- 7 Is interest on SCSS fixed for 5 years?
- 8 Can I trade in my mother’s account?
Can I open SCSS account for my parents?
Under SCSS, a person 60 years or older can open an account. If someone is 55 years or more but less than 60 years old and has taken VRS, then he can also open an account in SCSS.
How can I save my parents retirement money in India?
Check out some of the best investment plans available in the Indian market that will help to fulfill the future requirements of your father:
- Senior citizen savings scheme.
- Invest in equity oriented mutual funds through SIPs or systematic investment plans.
- Mutual funds Monthly Income Plans (MIPs)
- Pension plans.
How can I invest on behalf of my parents?
If your parents fall in the non-taxable or lower tax bracket, invest in their names by gifting them money. The sum can be invested in a range of options such as the Senior Citizens’ Saving Scheme, post office or other tax-saving schemes and even a common favourite, bank FDs.
What is the best investment for senior citizens in India?
Best Investment Plan for Senior Citizens in India
| Investment Option | Returns | Investment Amount |
|---|---|---|
| Post Office Monthly Income Scheme (POMIS) | 6.60\% p.a. | Min Rs. 1,500 |
| Senior Citizen FD | 3\% – 7\% p.a. | Varies between banks |
| Tax-Free Bond | 5.5\%-6.5\% p.a. | NA |
| Mutual Funds | 10\% – 15\% p.a Market Linked | Rs.100 |
Can I invest in PPF for my mother?
A PPF account can be opened by a parent on behalf of his/her child. Both the parents cannot open a separate PPF account for the same child. An individual can, hence, open one PPF account on behalf of each minor child of whom he/she is the guardian.
Can I transfer money to my mother’s account?
Transfer of Money from son to Parent (Mother/ Father) S to Mrs. M – no tax would be levied on transfer of this money as this is a gift from son to parent. Parent and Child are considered as a specified relative under the Income Tax Act and any gift from them is not chargeable to Tax.
Can I open NPS account for my mother?
A subscriber to NPS account has an option to extend this beyond 60 years up to 70 years of age. Though you are allowed to open a PPF account for your minor child as a guardian, this is not possible in the case of NPS as the it can only be opened by major persons.
Can I invest on behalf of a family member?
If your family or friends really want your help, joining or starting an investment club is a great compromise. You can invest your money with your loved ones, without taking on the responsibility of acting as an investment advisor.
Which bank is best for SCSS scheme?
List of banks that offer SCSS
- ICICI Bank.
- Vijaya Bank.
- Union Bank of India.
- UCO Bank.
- Syndicate Bank.
- Indian Bank.
- Punjab National Bank.
- IDBI Bank.
Is interest on SCSS fixed for 5 years?
Senior Citizen Savings Scheme (SCSS) is a preferred fixed income investment option for people above the age of 60 years. Since SCSS is a government-backed investment scheme, it gives guaranteed returns on a quarterly basis.
Can I trade in my mother’s account?
There is no problem, if your mother give her consent that you can transact investment of share trading on behalf of her where demat account should be in the name of her and transaction of investment will run through her bank account as mentioned at the time applying for demat account.