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When they get close to their retirement, every person keeps a tab on how much money they have saved for the future years. It is when investments come into the picture. If you have not been saving, now is the time.

One of the most popular investment plans for a safe post-retirement life is Post Office Schemes for senior citizens. It is one of the easiest ways to save so that no financial constraints could hamper your future. Post Office Scheme 2023 guarantees a seamless and financially stable transition into retirement.

We will simplify the Post Office Scheme 2023 in this comprehensive guide. This plan is about more than just saving; it’s about living a stress-free retirement. Let’s start with a basic introduction to the senior citizen savings scheme by the post office.

Also read: What is Post Office Tax-Saving Scheme? 5 Things To Know

Understanding the Post Office SCSS 2023

It is one of the most known and reliable retirement benefits systems that the government provides. However, what is interesting is that this special plan is mostly for senior citizens. Under the Post Office Schemes for Senior Citizens, people after retirement can contribute a lump sum to the programme individually or jointly. They will receive tax benefits in addition to regular income. To receive the benefits of the SCSS, senior persons must first open an SCSS account. They can open an account at any authorised bank or Post Office branch.

Eligibility And Account Opening for Post Office Schemes for Senior Citizens

If you’re near retirement or have already retired, this Post Office Senior Citizen Savings Scheme is for you. However, before you apply for the same, you should some of the prerequisites for the same. It would help you make the most of this Post Office Scheme 2023.

  • Eligibility Criteria for SCSS:

    • Let’s first understand the eligibility criteria the post office monthly income scheme for senior citizens:

  • Required Age:

    • The primary qualifying element is the account holder’s age. You must be sixty or older to be eligible for the Post Office Scheme 2023 account. For people who have chosen to retire early, a clause lowers the minimum age to 55. Veterans of the armed forces may open an account as early as age fifty.

  • Citizenship:

    • The Post Office Scheme 2023 is meant to be used by Indian citizens. Non-resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not eligible to be part of this retirement plan scheme by the Indian government.

  • Total Accounts:

    • One can only open one account for the post office senior citizen savings scheme. However, if you and your spouse have a joint account and match the age criteria, you can each open a separate SCSS account.

Account Opening Process :

The process of opening a Post Office Scheme 2023 account is easy. You can do it at any nearby post office outlet. This is a thorough how-to:

  • Document Verification:

    • Go to the bank employee at the post office closest to you. They will give you the opening documentation for your post office senior citizen savings scheme account and guide you through the procedure.

  • Completing the Form:

    • Be sure to carefully review all the details on the account opening form, such as your name, address, age, and nomination information. KYC (Know Your Customer) documentation is required as an extra identity, address, and age verification measure. Documents such as voter ID cards, passports, Aadhar cards, and PAN cards are typically accepted for this purpose.

  • Deposit Amount:

    • You must first decide the total amount of the initial deposit in the account. According to the rules, a minimum deposit of ₹ 1,000 and a maximum deposit of ₹ 15 lakh are required to start a Post Office Scheme account. You cannot do otherwise. You’ll also have to ensure that a one-time payment is made to fund the account within 30 days of creating the account. Or else you might end up re-doing the application for the account.

  • Nomination:

    • You must file the name of one person who you would want to be your nominee.

  • Payment Method:

    • You can pay the deposit with cash, a demand draught or a cheque. Any of these accepted payment options can be used to make postal payments.

  • Opening an Account:

    • The postal worker will check your documentation and the completed application. They will open your SCSS account and give you an account passbook once your application is accepted.

  • Interest Crediting:

    • Your SCSS account will typically be credited with interest once a quarter.

As already mentioned, the post office scheme offers flexibility for joint accounts. You must be of legal age for you and your spouse to open a joint account. The spouse may be added to the account, but the qualifying individual (60 or 55 years old) must be the primary account holder.

Who can open a post office scheme account in 2023?

By keeping the same qualifying standards, the Senior Citizen Savings Scheme (SCSS) will continue to satisfy the special needs of senior citizens and ensure simple access to a secure investment option in 2023. Details on who will be able to open a SCSS account in 2023 are as follows:

  • Age Requirement:

    • The primary prerequisite for the post office scheme is age. Anybody 60 or older can open an account and get the senior citizen saving scheme interest rate benefits without any limitations in 2023.

    Nevertheless, individuals can open an account at 55 thanks to an early retirement option. This early retirement scheme will be especially helpful to those who choose to retire before the average age.

  • Retired Defense Personnel:

    • In addition to age-based eligibility, retired military personnel are also eligible for supplementary benefits. They will be eligible to open a SCSS account in 2023 if they are 50 or older. This provision honours military veterans’ service while providing them with an effective means of securing their retirement years.

  • Citizenship:

    • Post office scheme accounts are only intended for citizens of India. Hindu Undivided Families (HUFs) and non-resident Indians (NRIs) could not create a SCSS account in 2023. Even though there are still only a few eligibility requirements for SCSS, it’s crucial to keep in mind that potential account holders must ensure they have acceptable documentation proving their age, identity, and address to comply with Know Your Customer (KYC) requirements during the account opening process (usually accepted through documents like Aadhar card, PAN card, passport, or voter ID).

    Individuals who meet the eligibility criteria can open a Post Office Scheme 2023 account and take advantage of the scheme’s competitive interest rates and safe investment options, providing them with security throughout their retirement years.

Investment Limit and Tenure

The Post Office Senior Citizen Savings Scheme (SCSS) provides a safe and alluring investing choice for senior citizens in India. Making wise financial decisions requires understanding the SCSS’s tenure and investment restrictions. Below is a thorough breakdown of these elements:

Investment Limit:

By 2023, the SCSS will permit investment restrictions that are safe and flexible at the same time. These are the main things to think about:

Minimum Investment: A ₹ 1,000 deposit is the minimal amount needed to start a SCSS account. This ensures that a wide spectrum of people can access and profit from the system, even those with little funds.

Maximum Investment: A SCSS account may only have a maximum of ₹ 15 lakh deposited. The SCSS is appropriate for those with little savings due to its investment cap, but it might not be the best option for people with much larger financial resources.

Type of Account: SCSS accounts may be owned jointly or solely. The combined age-based eligibility of both account holders determines the total investment limit if the account is maintained jointly with a spouse. The ages of each account holder determine the interest rate that applies to a joint account.

Extension of Investment: Account holders may prolong their SCSS account for three years following the initial five-year maturity period. But this extension must be done before the account matures by one year. The account user may make further deposits during this prolonged period. Still, the total amount in the account (including any subsequent deposits) cannot exceed the ₹ 15 lakh maximum investment limit.

Tenure:

Account holders must be aware that the SCSS has a predetermined maturity period.

Initial Tenure: Five years from the account’s opening date is the initial maturity period for the SCSS. The account holder will be paid interest every quarter during this time.

Tenure Extension: Account holders may extend their SCSS account for three more years following the initial five-year term. A maximum of two extensions may be used for a total term of up to fourteen years. The account holder is still entitled to quarterly interest payments during the extended term.

Interest Rates: A different interest rate applies to the SCSS account depending on the tenure. Starting in 2023, account holders will receive updated rates based on shifting market conditions as the interest rate is evaluated and announced every quarter.

It is imperative that account holders meticulously strategise their investments, taking into account the highest limit, preferred duration, and possible extensions. For senior adults seeking financial stability throughout their retirement years, the SCSS offers a dependable and safe choice. To maximise the scheme’s benefits, it is crucial to comprehend these tenure possibilities and investment restrictions.

Senior Citizen Saving Scheme Interest Rate

The central government has authorised an interest rate of 8.0% per year for the Post Office Senior Citizen Scheme, which will be in place from January 1 to March 31, 2023.

The following is a list of other Post Office schemes, together with the interest rates and frequency of compounding for each:

Post Office Savings Account: 4.0% (compounded annually)

  • 1-Year Time Deposit: 6.6% (compounded quarterly)
  • 2-Year Time Deposit: 6.8% (compounded quarterly)
  • 3-Year Time Deposit: 6.9% (compounded quarterly)
  • 5-Year Time Deposit: 7.0% (compounded quarterly)
  • 5-Year Recurring Deposit Scheme: 5.8% (compounded quarterly)
  • Senior Citizen Savings Scheme: 8.0% (compounded quarterly and paid)
  • Monthly Income Account: 7.1% (compounded monthly and paid)
  • National Savings Certificate (VIII Issue): 7.0% (compounded annually)
  • Public Provident Fund Scheme: 7.1% (compounded annually)
  • Kisan Vikas Patra: 7.2% (compounded annually)
  • Sukanya Samriddhi Account Scheme: 7.6% (compounded annually)"

How often these senior citizens saving scheme interest rates are reviewed and updated?

There are differences in the frequency of interest rate reviews and updates for different Post Office savings plans. These rates are periodically reviewed and revised by the central government to reflect the current state of the economy. An outline of the frequency of reviews and updates is provided below:

Account for Post Office Savings: Post Office Savings Account interest rates are typically examined and changed once a year.

Time Deposit Plans (1 Year, 2 Year, 3 Year, and 5 Year): These plans normally have quarterly interest rate reviews and updates.

Recurring Deposit Scheme: Like time deposit programmes, the interest rate for the five-year recurring deposit scheme is examined and adjusted every three months.

Senior Citizen Savings Plan: The Senior Citizen Savings Plan’s interest rate is examined and modified every quarter.

Monthly Income Account: Every month, the interest rate is examined and adjusted for the Monthly Income Account.

National Savings Certificate (VIII Issue): An annual review and update are typically performed on the interest rate on National Savings Certificates.

Public Provident Fund Scheme: The Public Provident Fund Scheme’s interest rate is normally examined and changed once a year.

Kisan Vikas Patra: An annual review and change are typically made to the interest rate for Kisan Vikas Patra.

Sukanya Samriddhi Account Scheme: An annual review and update are typically performed on the interest rate for the Sukanya Samriddhi Account Scheme.

Tax Benefits under the SCSS

Offering financial security throughout retirement years, the Post Office Senior Citizen Savings Scheme (SCSS) is an alluring investment option for senior adults in India. Even though the programme offers safe investment options and reasonable interest rates, it’s important to comprehend the tax ramifications for SCSS account holde₹

Tax Benefits:

Tax Deduction Under Section 80C:

Section 80C of the Income Tax Act of 1961 allows a tax deduction on the principal amount invested in the SCSS. According to the most recent knowledge update from September 2021, the annual maximum deduction allowed under Section 80C is ₹ 1.5 lakh. Senior people who invest in the SCSS can claim this deduction.

Income from Taxable Interest:

Even though the SCSS has a competitive interest rate, interest income is subject to taxes. It is taxed at the applicable income tax slab rate and added to the account holder’s yearly income.

Tax Deduction at Source (TDS):

If the interest income in a given financial year is more than ₹ 10,000, the Post Office must withhold tax at source (TDS), where the SCSS account is kept. The TDS rate is 10% for holders of individual accounts. If the account is held jointly, TDS will be necessary if the total interest income is more than ₹ 10,000. If the account holder’s total income falls below the taxable limit, they can request the non-deduction of TDS by submitting Form 15H or 15G.

Taxation on Maturity Amount:

The full maturity amount of the SCSS account is owed upon its maturity. It’s considered “income from other sources” and is levied at the appropriate tax slab rate. Budgeting for this tax obligation upon maturity is critical to prevent any unforeseen expenses.

Senior Citizen Exemptions:

According to income tax regulations, senior citizens (those 60 years of age or above) are eligible for several exemptions and deductions. Thanks to these, they can further benefit from the SCSS by lowering their overall tax liability.

Tax Planning and Impact:

Because the SCSS system is taxable, account holders should organise their money properly. They might investigate investing in tax-saving choices if they want to minimise their overall tax bill.

Regular Reporting:

Owners of SCSS accounts must keep correct records of their investments and earnings and disclose the interest income from their accounts in their yearly income tax forms.

Remembering that tax laws and policies are subject to change is crucial. Consequently, to ensure they are taking full advantage of the tax advantages accessible to them, holders of SCSS accounts must keep up with the most recent changes to the tax code and seek advice from a financial planner or tax advisor.

Account Features and Flexibility of SCSS

To meet the needs of elderly persons, the Post Office Elderly Citizen Savings Scheme (SCSS) provides several account features and flexible alternatives. The SCSS has two noteworthy features: joint accounts, early withdrawal provisions, and loan facilities.

1. Joint Accounts:

Accounts for the SCSS can be opened jointly with a spouse, allowing both parties to participate in the programme. Seniors who want to handle their finances jointly may find joint accounts useful.
If both account holders are of legal age, they may designate one as the principal investor in a joint account. The primary account holder’s age determines the applicable interest rate.

Up to the designated maximum, each account holder in a combined SCSS account can receive tax benefits under Section 80C for the principal amount invested.
If one of the account holders in a joint account passes away, the remaining spouse keeps the account, maturing after five years or any longer term that may be relevant. The interest income is normally payable to the surviving spouse.

2. Premature Withdrawal and Loan Facilities:

Premature withdrawal is permitted under the SCSS. However, there are restrictions and fines. Premature withdrawal is allowed before the two-year mark, but within a year of the account opening date. The interest rate on the deposit is lowered by 1.5% in these circumstances.

The interest rate is lowered by 1% if the premature withdrawal happens after two years but before the five years is over. The purpose of these fines is to deter early withdrawals.
The account may be cancelled early without penalty in the case of the account holder’s death. The principal amount plus any accumulated interest will be payable to the nominee or legal successor.

After the first year but before the end of the second, holders of SCSS accounts may also choose to take out a loan against their account. The maximum loan amount is 50% of the account balance as of the end of the first year.
Two instalments are required to be paid for the interest on the loan: the first is due when the loan is taken out, and the second is due after the loan term.

Payment Options of Post Office Senior Citizen Scheme

It’s simple to deposit into your post office scheme account, and you may choose from several convenient payment methods:

  • Cash Deposit

    • The post office where your SCSS account is kept is where you can deposit cash. Ensure your cash deposit is properly receipted; this will be your transaction documentation.

  • Check Deposit

    • You can make a check deposit into your SCSS account. The cheque must be crossed and made payable to the postmaster of your chosen post office. Ensure the cheque is drawn on an account you have with a bank or post office.

  • Demand Draft

    • Another option for depositing funds into your SCSS account is a demand draft (DD). The DD must be payable at that post office and made out to the postmaster of the post office you have chosen. If you are depositing money from a bank that is located in a distant location, this method is especially helpful.

    Transfer from Another SCSS Account: You can move money from your current SCSS account to the new one if you have one and would like to open another. This can be done without any limitations, provided that the entire amount deposited into the new account stays under the ₹ 15 lakh threshold.

Withdrawal Options and Procedures:

A few important things to remember while withdrawing funds from your SCSS account are as follows:

  • Premature Withdrawal

    • There will be a penalty if you take money out of your SCSS account before the full two years have passed, although you can do so after one year. In certain situations, the interest rate is lowered by 1.5%.

  • Maturity Withdrawal:

    • The entire maturity sum may be withdrawn at the end of the five years. This sum covers the principal and interest accumulated during the last five years.

  • Extension and Withdrawal

    • Following the original five-year term, you can extend the life of your SCSS account for an additional three years. During this extended period, withdrawals are permitted. You are limited in how much you can withdraw, though.

  • Withdrawal by Nominee/Legal successor:

    • In the event of the account holder’s passing, the account balance may be withdrawn without incurring any fees by the nominee or legal successor. The nominee or legal heir receives the full sum.

  • Loan Facility

    • In some circumstances, after the first year but before the end of the second, you may be able to take out a loan against your SCSS account. The maximum loan amount is 50% of the account balance at the end of the first year. Two instalments need to be paid for the loan’s interest.

Comparison with Other Investment Options:

Evaluating the SCSS against other senior citizen investing options is critical to making well-informed financial decisions. Consider variables like risk, returns, liquidity, and tax ramifications. In India, some well-liked investing choices for senior folks are as follows:

  • Fds, Or Fixed Deposits:

    • Banks provide FDs with competitive interest rates. Compared to standard FDs, SCSS frequently offers greater interest rates, which makes it a more appealing option.

  • Senior Citizens Savings Scheme (SCSS):

    • As previously mentioned, this government-backed programme provides favourable tax breaks and interest rates.

  • Monthly Income Schemes:

    • Generally offering lower interest rates than SCSS, these offer a consistent monthly income.

  • Mutual Funds:

    • Although they have variable degrees of risk and are market-linked, mutual funds have the potential to yield larger returns.

  • National Pension System (NPS):

    • NPS has a long investment horizon but provides tax advantages and the possibility of large profits.

  • Pradhan Mantri Vaya Vandana Yojana (PMVVY):

    • Senior citizens can participate in the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a government pension plan, however, the returns might not be as high as in SCSS.
    Each of these solutions has special qualities, and the decision is based on personal financial objectives, risk tolerance, and liquidity requirements. To determine which investment option best suits your financial goals and preferences, speaking with a financial counsellor or other professional before investing is advisable.

Also read: Which Is Better Between Pradhan Mantri Vaya Vandana Yojana (Pmvvy) And Senior Citizen Savings Scheme (Scss)?

Risks and Considerations When Investing in the Post Office Senior Citizen Savings Scheme (SCSS)

For senior residents in India, the Post Office Senior Citizen Savings Scheme (SCSS) is regarded as a reasonably safe and alluring investment choice. But before investing in this programme, it’s crucial to be aware of the possible hazards and consider several factors:

Risks Associated with the SCSS:

  • Interest Rate Risk:

    • The SCSS’s interest rate is variable during the investment duration. Rather, it is periodically reviewed and updated, so the interest rate you were initially given might not be the same later. This may impact the overall returns on your investment.

  • Taxation:

    • The interest income earned is completely taxable even if the SCSS offers Section 80C tax benefits on the original amount invested. This taxation may impact the total returns, particularly for those in higher tax brackets.

To sum up, even though the Post Office Senior Citizen Savings Scheme has many appealing features and is often low-risk, it’s important to evaluate your particular financial circumstances, investing objectives, and risk tolerance before deciding. Determining whether the SCSS is the best option for your retirement and financial goals can be greatly aided by speaking with a financial advisor.

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FAQS – FREQUENTLY ASKED QUESTIONS

  • Do financial institutions also offer the Post Office Senior Citizen Saving Scheme ?

    Yes. Besides the Post Office, here are some popular financial institutions that offer the scheme:

    ● Allahabad Bank
    ● Bank of India
    ● Syndicate Bank
    ● UCO Bank
    ● Union Bank of India
    ● Vijaya Bank
    ● ICICI Bank
    ● Corporation Bank
    ● Canara Bank
    ● Central Bank of India
    ● Dena Bank
    ● IDBI Bank
    ● State Bank of India

  • What is the interest rate for SCSS for senior citizen in 2023 ?

    Senior citizen have the option to open an SCSS account at any authorized bank or post office. For the December 2023 quarter, the interest rate for the Senior Citizens Savings Scheme remains unchanged at 8.2%.

  • As an NRI can in invest in the SCSS ?

    No, unfortunately as an NRI you cannot invest in the scheme directly. However, if you have a joint account with a family member who is a resident of India, investing in the Post Office scheme is possible.

  • Does SCSS fall under 80 C ?

    All investments made towards the SCSS fall under the purview of Section 80C of the ITA and are entitled to income tax deduction benefits.

  • How often can deposits be made into the SCSS account?

    In the Senior Citizen Savings Scheme, you can make only a single deposit when opening the account. However, you can operate more than one account under the scheme, but the total deposits across all your accounts should not exceed the maximum limit of ₹ 15 lakh. The Senior Citizen Savings Scheme matures in 5 years, with a lock-in period of 5 years that can be extended for an additional 3 years.

 

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.

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You agree and understand that use of MoneyForLife Planner does not assure attainment of your investment objectives and there is no assurance that the money objectives will be achieved, as the same is subject to performance of the securities, the forces affecting the securities market and your risk profile. You are advised to consult an investment advisor in case you would like to undertake financial planning and / or investment advice for meeting your investment requirements.

You also agree that risks associated with any investment would be entirely yours and you would not hold ABCL and/or ABC Companies or any of its employees liable for any losses that may arise on account of any investments under taken basis the use of MoneyForLife Planner.

All investment decisions shall be taken by you in your sole discretion. You are advised to read the respective offer documents carefully for more details on risk factors, terms and conditions before making any investment decision in any scheme or products or securities or loan product. All investments in any product / fund / securities etc. will be on the basis, subject to and as per the terms and conditions of the specific product’s / fund’s / security’s offer document, key information memorandum, risk disclosure document, product or sales brochure or any other related documents which are offered by the respective issuer of such product/securities. You can use execution platform/services with any third party as deem fit and proper, and there is no compulsion to use the execution services through this Website.

Not an Investment Advisor, Planner, Broker or Tax Advisor

The facilities on the Website are not intended to provide any legal, tax or financial or securities related advice. You agree and understand that the Website is not and shall never be construed as a financial planner, financial intermediary, investment advisor, broker or tax advisor. The facilities are intended only to assist you in your money needs and decision-making and is broad and general in scope. Your personal financial situation is unique, and any information and advice obtained through the facilities may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your advisor or other financial advisers who are fully aware of your individual circumstances. For more details, please also refer to the Legal Disclaimers provided on the Website.

Financial Solutions

We may provide you with various money solutions and options which are generally available basis your investment profile or those which are generally held by persons of similar investment profile. You authorize us to use/disseminate the information to provide the Financial Solutions however it is not necessarily for you to act on it. It only serves an indicative use of information which you may execute in the manner agreed by you.

Password Protection

You shall not be entitled to avail the facilities without the use of a user name and password. You are responsible for maintaining the confidentiality of your password and Account, and you shall not allow anyone else to use your password at any time. You are fully responsible for all activities that occur using your password or Account. You are requested to please notify www.adityabirlacapital.com immediately of any unauthorized use or access of your password or Account, or any other breach of security. The Website will not be liable for any loss that you may incur as a result of someone else using your password or account, either with or without your knowledge.

Intellectual Property Rights

This Website contains information, materials, including text, images, graphics, videos and sound (“Materials”), which is protected by copyright and/or other intellectual property rights. All copyright and other intellectual property rights in these Materials are either owned by ABCL or have been licensed to Facilities Provider, ABCL / ABC Companies by the owner(s) of those rights so that it can use these Materials as part of this Website. Other than those Materials which belong to Third Parties, ABC Companies retains copyright on all Information, including text, graphics and sound and all trademarks displayed on this Website which are either owned by or licensed to by ABCL and/or used under license by ABC Companies.

You shall not (a) copy (whether by printing off onto paper, storing on disk, downloading or in any other way), distribute (including distributing copies), download, display, perform, reproduce, distribute, modify, edit, alter, enhance, broadcast or tamper with in any way or otherwise use any Materials contained in the Website. These restrictions apply in relation to all or part of the Materials on the Website; (b) copy and distribute this information on any other server or modify or re-use text or graphics on this system or another system. No reproduction of any part of the Website may be sold or distributed for commercial gain nor shall it be modified or incorporated in any other work, publication or web site, whether in hard copy or electronic format, including postings to any other web site; (c) remove any copyright, trade mark or other intellectual property notices contained in the original material from any material copied or printed off from the web site; link to this Website; without our express written consent.

No Warranty

Although all efforts are made to ensure that information and content provided as part of this Website is correct at the time of inclusion on the Website, however there is no guarantee to the accuracy of the Information. This Website makes no representations or warranties as to the fairness, completeness or accuracy of Information. There is no commitment to update or correct any information that appears on the Internet or on this Website. Information is supplied upon the condition that the persons receiving the same will make their own determination as to its suitability for their purposes prior to use or in connection with the making of any decision. Any use of this Website or the information is at your own risk. Neither ABCL and ABC Companies, nor their officers, employees or agents shall be liable for any loss, damage or expense arising out of any access to, use of, or reliance upon, this Website or the information, or any website linked to this Website.

No Liability

This Website is provided to you on an "as is" and "where-is" basis, without any warranty. ABCL, for itself and any ABC Companies and third party providing information, Materials (defined later), facilities, or content to this Website, makes no representations or warranties, either express, implied, statutory or otherwise of merchantability, fitness for a particular purpose, or non-infringement of third party rights, with respect to the website, the information or any products or facilities to which the information refers. ABCL will not be liable to you or any third party for any damages of any kind, including but not limited to, direct, indirect, incidental, consequential or punitive damages, arising from or connected with the site, including but not limited to, your use of this site or your inability to use the site, even if ABCL has previously been advised of the possibility of such damages. Any access to information hosted on third party websites of billers/banks/merchants/ABC Companies etc. is not intended and shall not be treated as an offer to sell or the solicitation of an offer to buy any product/offering of these ABC Companies or third parties.

The Facilities Provider or ABCL or ABC Companies shall have absolutely no liability in connection with the information and Material posted on this Website including any liability for damage to your computer hardware, data, information, materials, or business resulting from the information and/or Material or the lack of information and/or Material available on the Website. In no event shall ABCL or ABC Companies shall be liable for any for any special, incidental, consequential, exemplary or punitive damages for any loss, arising out of or in connection with (a) the use, misuse or the inability to use this Website; (b) unauthorized access to or alteration of your transmissions or data; (c) statements or conduct of any third party on the site; or (d) any other matter whatever nature relating to this Website.

Further, the Facilities Provider cannot always foresee or anticipate technical or other difficulties. The facilities may contain errors, bugs, or other problems. These difficulties may result in loss of data, personalization settings or other facilities interruptions. The Website does not assume responsibility for the timeliness, deletion, mis-delivery, or failure to store any user data, communications, or personalization settings.

The Facilities Provider, ABCL, ABC Companies and the providers of information shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information contained at this Website.

Manner of Use of Personal Information

All Personal Information including Sensitive Personal Information provided/related to you, shall be stored/used/processed/transmitted expressly for the Purpose or facilities indicated thereon at the time of collection and in accordance with the Privacy Policy. Other than those otherwise indicated and agreed by You, this Website do not collect or store or share your Personal Information. Aditya Birla Capital is the brand and accordingly all products and facilities are provided by respective ABC Companies as applicable. Therefore, for any of these Purposes, the Website will use ABC Companies their authorized third party vendors, agents, contractors, consultants or facilities providers (individually a ‘Third Party Service Provider’ and collectively, the “Third Party Service Providers”) and to that extent you understand and authorize the Facilities Provider to share/transmit such information to Third Party Service Providers. Such sharing of information will be solely for the purpose to fulfill / complete / authenticate your specific requests/transaction execution and for providing information about any ABC Companies product or facilities or services or for data analytics or to deliver to you any administrative notices, alerts or communications relevant to your Purpose (and which may include sending promotional emails or SMS or calls or any other mode permitted under law) or to analyze the usage and improve the facilities/solutions offered or for any research or troubleshooting problems, detecting and protecting against errors or to improve features, tailor the facilities on the Website to your interests, and to get in touch with you whenever necessary.

Except in the manner as stated in the Privacy Policy, the Website will not disclose your Personal Information with any affiliated or unaffiliated third parties,

You may receive e-mails /communications/notifications from the Third Party Services Providers regarding facilities updates, information/promotional e-mails/SMS and/or update on new product announcements/services in such mode as permitted under law.

Use of Website in India

This Website is controlled and operated from India and there is no representation that the Materials/information are appropriate or will be available for use in other locations. If you use this Website from outside the India, you are entirely responsible for compliance with all applicable local laws. There is no warranty or representation that a user in one region may obtain the facilities of this website in another region.

Information published on the Website may contain references or cross references to products, programs and facilities offered by ABC Companies/third parties that are not announced or available in your country. Such references do not imply that it is intended to announce such products, programs or facilities in your country. You may consult your local advisors for information regarding the products, programs and services that may be available to you.

In your use of the Website, you may enter correspondence with, purchase goods and/or facilities from, or participate in promotions of advertisers or members or sponsors of the web site, including those of ABC Companies. Unless otherwise stated, any such correspondence, advertisement, purchase or promotion, including the delivery of and the payment for goods and/or facilities, and any other term, condition, warranty or representation associated with such correspondence, purchase or promotion, is solely between you and the applicable ABC Companies and/or third parties.

You agree that Facilities Provider / ABC Companies has no liability, obligation or responsibility for any such correspondence, purchase or promotion between you and any other ABC Companies and/or third parties.

Third party websites

This Website may be linked to other websites (including those of ABC Companies) on the World Wide Web that are not under the control of or maintained by ABCL. Such links do not indicate any responsibility or endorsement on our part for the external website concerned, its contents or the links displayed on it. These links are provided only as a convenience, in order to help you find relevant websites, facilities and/or products that may be of interest to you, quickly and easily. It is your responsibility to decide whether any facilities and/or products available through any of these websites are suitable for your purposes. The Facilities Provider or ABCL is not responsible for the owners or operators of these websites or for any goods or facilities they supply or for the content of their websites and does not give or enter into any conditions, warranties or other terms or representations in relation to any of these or accept any liability in relation to any of these (including any liability arising out of any claim that the content of any external web site to which this web site includes a link infringes the intellectual property rights of any third party).

USE of APP

In case any facilities/services, access/dissemination of information or execution of transaction is done through use of any APP related to ABC Companies, the additional terms and conditions governing the Use of APP shall be applicable and to be read along these Terms of Use.

Postings and monitoring

The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.

Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.

We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.

If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com

Use of Cookies

You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.  

Facilities Changes and Discontinuation

The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.

ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.

Compliance with the Law

You agree that you will not:

  • Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
  • Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
  • Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
  • Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
  • You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.

Restrictions on Commercial Use or Resale

Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.

No Endorsements

All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.

Promotional Offers

You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.

Charges for use of Website

There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).

No Endorsement

You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.

In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.

Electronic Communications

These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.

Assignment

You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.

Legal Disclaimers

The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.

The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.

Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.

No Solicitation

No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.

The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an  amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.

Statutory Disclosure

ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF.  Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.

Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.

Force Majeure

The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.

Indemnification

You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.

No Waiver

The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.

Exclusive Agreement

You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.

Termination

Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.

Governing Law and Jurisdiction

The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.

These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.

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