INSUBCONTINENT EXCLUSIVE:
The maturity period of the Senior Citizen Savings Scheme is five years.India Post or Department of Posts, which runs the postal network of
the country, offers several savings schemes with different interest rates
Senior Citizen Savings Scheme (SCSS) is one of the nine small savings schemes offered by post office
The minimum amount required to open the SCSS account is Rs
1,000 and the maximum amount should not exceed Rs
15 lakh, India Post noted on its website indiapost.gov.in
The account can be opened by cash if the amount is below Rs 1 lakh
However, if the amount is Rs 1 lakh or more, investors need to deposit a cheque
The scheme offers an interest rate of 8.7 per cent per annum.1
Eligibility: Post office SCSS account can be opened by an individual of 60 years or above
Scheme) can also open the SCSS account subject to the certain conditions, according to India Post.2
Maturity: The maturity period of the scheme is five years
After maturity, the account can be extended for further three years within one year of the maturity by giving an application in prescribed
In such cases, account can be closed at any time after expiry of one year of extension without any deduction, said India Post.3
Premature closure: Under the post office's scheme, premature closure is allowed after one year on deduction of an amount equal to 1.5 per
cent of the deposit and after 2 years, 1 per cent of the deposit is deducted.4
TDS is deducted at source on interest if the interest amount is more than Rs
A depositor may operate more than one account in individual capacity or jointly with spouse and the account can also be transferred from one
