Post office senior citizen saving scheme: Post office has some good schemes for its consumers to save money while earning high interest rates.
Similarly, Post office runs a scheme for senior citizens called ‘Post office senior citizen saving scheme (SCSS) in which you can get higher interest rate of 7.4% on saving deposits. The scheme not only helps to save money securely but also ensure good profits.
Post office senior citizen saving scheme maturity period and general rules
The maturity period for Senior Citizen saving scheme is 5 years. However, you can increase SCSS maturity period up to 3 years more by applying offline in the post office. The scheme provides the facility to open individually or with wife/husband and with more than one account. But you should know that the total investment mustn’t breach the limit of 15 lakhs. Moreover, nomination facility is open during opening or closing the account.
Post office senior citizen saving scheme minimum and maximum amount limit
The minimum amount is Rs 1000 to open account in this scheme. And 15 lakhs is the maximum amount that you can put in the account. Moreover, you can open account by giving cash if the amount is less than one lakh. But you need to pay in check if the amount is over one lakh.
Post office senior citizen saving scheme tax angle and exemption facility
Tax angle: If you are getting over Rs 10000 as interest in the account, then TDS will cut. However, you can get some exemptions under Income tax act 80C in this scheme which you can avail.
Post office senior citizen saving scheme average benefits
If you submit lump sum amount of Rs 10 lakh at one go in the SCSS scheme, on the basis of 7.4 interest rate, you will get total around Rs 14,29,000 after 5 year of maturity. In short, you will get Rs 4,29000 as interest.
Post office senior citizen saving scheme criteria and age limit
You have to be older than 60 years to open the account under Senior citizen saving scheme (SCSS). However, those who have taken Voluntary Service Retirement (VRS) can also open account under the scheme.
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