Senior Citizen Savings Scheme (SCSS) is also included in the small savings schemes of the post office.
Senior Citizen Savings Scheme (SCSS) is also included in the small savings schemes of the post office. Let us know about this scheme in detail.
If you are thinking of investing in the coming days, then post office Savings Schemes (Saving Schemes) can do in. You definitely get good returns in these schemes. Also, the money invested in it is also completely safe. If the bank defaults, then you get back only Rs 5 lakh. but the post office (Post Office) I am not like that. Apart from this, investment in post office savings schemes can be started with a very small amount. Senior Citizen Savings Scheme in Small Savings Schemes of Post Office (SCSS) also includes. Let us know about this scheme in detail.
Rate of interest
At present, an interest rate of 7.4 percent per annum is present in the Senior Citizen Savings Scheme of the Post Office. This interest rate is applicable from 1st April 2020. In this scheme, interest is paid for the first time on 31st March, 30th September or 31st December. Thereafter interest is paid on 31st March, 30th June, 30th September and 31st December.
In Senior Citizen Savings Scheme, only one deposit has to be made in the account in multiples of Rs 1000. The investment amount cannot exceed Rs 15 lakh.
Who can open account?
A person above 60 years of age can open an account in this small savings scheme of the post office. Apart from this, a retired civilian employee above 55 years and below 60 years of age can also open an account in the scheme. However, he has to invest within a month of receiving the retirement benefits. At the same time, retired defense personnel above 50 years and below 60 years of age can also invest. However, they have to be done within a period of one month from the date of receipt of retirement benefits. The account can be opened individually or jointly with a spouse. The entire amount of the joint account will belong to the first account holder only.
In this small savings scheme, the account can be closed after a period of five years from the date of opening. For this, the person has to submit the appropriate application form in the respective post office. In the event of the death of the account holder, the post office savings account interest will accrue on the account from the date of death.
The amount invested in the Senior Citizen Savings Scheme can be availed of benefits under section 80C of the Income Tax Act, 1961.