INSUBCONTINENT EXCLUSIVE:
The interest rates on post office PPF and SCSS account range from 8 per cent to 8.7 per cent.From Public Provident Fund (PPF) to Senior
Scheme (SCSS) currently fetches returns of 8 per cent and 8.7 per cent respectively, according to India Post's website -
Citizen Savings Scheme (SCSS)Post office Public Provident Fund (PPF)EligibilityA post office Senior Citizen Savings Scheme account (SCSS)
can be opened by an individual of 60 years of age or above
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, according to India Post's website.A Public Provident Fund (PPF) account, can
be opened by any individual with cash or cheque.Investment LimitThere can be only one deposit in the SCSS account in multiple of Rs
1,000 where the maximum amount must not exceed Rs
15 lakh.PPF accounts can be opened by an individual with Rs 100 but he/she must deposit a minimum of Rs
500 in a financial year and maximum of Rs 1,50,000, according to India Post.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 the maturity.PPF accounts
Thereafter, on application by the subscriber, it can also be extended for one or more blocks of five years each.Interest rateA 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.A PPF account
fetches interest at the rate of 8 per cent per annum
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.(As
These include time deposit, recurring deposit, monthly income scheme, Kisan Vikas Patra and Sukanya Samriddhi.Get the latest election news,
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