Post Office SCSS gives 8.2% annual curiosity.
To open the POSCSS account, senior residents want a minimal deposit of Rs 1,000, with a most deposit of Rs 30 lakh.
As folks become older and attain the age of retirement, they often survive on their financial savings. To reside and comfy life, folks want cash after they retire. Today, we’re going to speak about a scheme that has been particularly designed for senior residents. The scheme is the Post Office Senior Citizen Savings Scheme. The scheme is backed by the federal government and gives a better charge of curiosity than most different financial savings schemes.
One of the primary highlights of the scheme is that individuals can begin their funding with Rs 1,000. The Post Office Senior Citizen Savings Scheme is a protected and safe funding choice for senior residents in India. It offers a daily revenue stream and helps them meet their monetary wants throughout their retirement years.
Post Office Senior Citizen Savings Scheme: Eligibility
The Post Office SCSS is for people who’re 60 years of age or older on the date of opening an account, or a person who has attained the age of 55 years or extra however lower than 60 years and has retired below superannuation, VRS, or particular VRS, also can open an account.
Apart from that, retired personnel of the Defence Services (excluding Civilian Defence staff) also can open an account upon attaining the age of fifty solely primarily based on fulfilling different situations. The scheme additionally permits a depositor to open an account individually or collectively with a partner. But the one situation is that the entire quantity of deposit in a joint account shall be attributable to the primary account holder solely.
Post Office Senior Citizen Savings Scheme: How to Apply
Senior residents can open a SCSS account at a financial institution or put up workplace. To open the account, senior residents want a minimal deposit of Rs 1,000, with a most deposit of Rs 30 lakh. There could solely be one deposit within the account in multiples of Rs 1,000 that doesn’t exceed Rs 30 lakh. Multiple withdrawals from an account usually are not permitted.
Post Office Senior Citizen Savings Scheme: Know the Returns
Currently, the scheme gives 8.2 per cent annual curiosity on selecting SCSS. So, if an individual invests round Rs 30 lakh, they may get an annual curiosity of Rs 2.46 lakh, which is round Rs 20,000 month-to-month.
