New Delhi, March 29: The government today amended the Senior Citizens Savings Scheme 2004, allowing depositors to transfer their accounts from one deposit office ? post office or bank ? to another even if the person’s residential address remains the same.

Earlier, senior citizens were allowed to transfer accounts only if they changed their residences.

According to the amendment, senior citizens will be charged Rs 5 per Rs 1 lakh deposit for the first transfer and Rs 10 per Rs 1 lakh deposit for each subsequent transfer.

“The present amendment is intended to provide greater flexibility to senior citizens in choosing a more conveniently located deposit office as also one that offers good service,” an official statement said.

Year before last, the government introduced this scheme to provide a slightly higher interest rate to senior citizens. The scheme, which is primarily sold through post offices, carries an interest rate of 9 per cent. The maximum investment limit is Rs 15 lakh with a lock-in period of five years.