INSUBCONTINENT EXCLUSIVE:
Post office saving scheme: Senior Citizen Savings Scheme (SCSS) account has a maturity period of 5 years.In the interim Budget for 2019-20,
The proposed TDS hike will come into effect from April 1, 2019.( TDS Benefits Announced In Budget 2019 And What They Mean For
An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under a Voluntary Retirement Scheme
(VRS) can also open an SCSS account under certain conditions
In this case, the account is opened within one month of receipt of retirement benefits and the amount should not exceed the amount of
retirement benefits, according to India Post's website - indiapost.gov.in
the SCSS account in multiple of Rs 1,000 where the maximum amount must not exceed Rs 15 lakh
according to the India Post website
and maximum of Rs 1,50,000
under Income Tax Act, according to India Post.( Fixed Deposit Interest Rates Offered By SBI, Post Office)MaturityA post office Senior
Citizen Savings Scheme (SCSS) account has a maturity period of five years, which can be extended for another three years within one year of
Meanwhile, PPF accounts mature in 15 years
Thereafter, on application by the subscriber, it can be extended for one or more blocks of five years each.Interest RatesA post office SCSS
account earns interest at the rate of 8.7 per cent per annum, which is payable from the date of deposit on March 31/September 30/December 31
in the first instance, and thereafter, interest are payable on March 31, June 30, September 30 and December 31
Interests on deposits are compounded on an annual basis, which means that it is added to the principal amount every year.Premature
closureUnder SCSS, premature closure is allowed after one year on deduction of an amount equal to 1.5 per cent of the deposit and after two
years on deduction of an amount equal to one per cent of the deposit
In a PPF account, premature closure is not allowed before 15 years.
