Post Office senior citizen saving scheme: Check interest rates, and how to apply
Indian citizens over 60 years old can invest in the Senior Citizens Savings Scheme (SCSS), a savings vehicle backed by the government.
Post office savings scheme for senior citizens
The post office offers numerous beneficial programmes that allow its customers to conserve money and earn high interest rates. Similar to this, the Post Office offers a senior citizen savings programme called the “Post office senior citizen saving scheme” (SCSS), which offers a higher interest rate of 7.4% on savings deposits. The plan offers good profits in addition to safe money storage.
Period of maturity and general guidelines for the Post Office Senior Citizen Savings Scheme
The Senior Citizen Savings Plan has a 5-year maturity period. However, by submitting an offline application at the post office, you can extend the SCSS maturity period by an additional three years. The programme offers the option to open multiple accounts, either alone or with a wife or husband. However, you should be aware that the total investment cannot exceed Rs. 15 lakhs. Additionally, the nomination facility is accessible throughout account opening and closing.
Minimum and maximum contributions to the Post Office Senior Citizen Savings Program allowed
To open an account under this scheme, you must have a minimum of Rs 1000. Additionally, the maximum sum that can be deposited into the account is 15 lakhs. Furthermore, if the amount is less than one lakh, you can start an account by paying cash. If the amount is more than one lakh, however, you must pay by check.
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