Depositors have been permitted to transfer their Senior Citizen Savings account from one bank/post office to another, even if there is no change in residence.

Earlier, senior citizens could do this only when there is change in address of their residence.

The amendment in the Senior Citizens Savings Scheme, 2004 is intended to provide greater flexibility to senior citizens in choosing conveniently located deposit office as also one that offers good services, an official release said.

According to the release here, senior citizens would be charged Rs 5 per Rs 100,000 deposits for the first transfer and Rs 10 per Rs 100,000 deposits for each subsequent transfers.

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