Special Correspondent

NEW DELHI: As a further facility for senior citizens, depositors under the Senior Citizens Savings Scheme, 2004 can now transfer their accounts from one deposit office (post office or bank) to another, without application of the condition of change of residence.

According to a Finance Ministry release here on Wednesday, a small transfer fee of Rs. 5 per lakh on deposits of Rs. 1 lakh and above will be payable for the first transfer. If subsequent transfers are availed of, a transfer fee of Rs. 10 per lakh on deposits of Rs. 1 lakh and above would be payable.

Earlier, such transfers of accounts were allowed only in the case of change of residence of the depositor. The current amendment "is intended to provide greater flexibility to the senior citizens in choosing a more conveniently located deposit office as also one that offers good service," the release said.