INSUBCONTINENT EXCLUSIVE:
Post Office Schemes: Sukanya Samriddhi offers an interest rate of 8.4 per cent per annum.Post office offers a host of saving schemes with
different rates of interest
Two of the various savings schemes, post office offers are Sukanya Samriddhi Account and Senior Citizens Savings Scheme (SCSS)
The senior citizen scheme is for people above the age of 60 years while the Sukanya Samriddhi scheme is meant for a girl child
Interest rates on these post office saving schemes move in line with the government's interest rates on small savings schemes, which are
revised on a quarterly basis.Sukanya Samriddhi schemeInterest rateSukanya Samriddhi scheme offers an interest rate of 8.4 per cent per annum
The investment is calculated and compounded on an annual basis.FeaturesA natural or legal guardian can open the account in the name of a
account can be opened up to age of 10 years only from the date of birth.AmountThis scheme requires a minimum investment of Rs
1,50,000 in a financial year
The subsequent deposit should be made in multiple of Rs
Deposits can also be made in lump-sum amount
However, there is no limit on the number of deposits either in a month or in a financial year.TenureThe account can be closed after
However, normal premature closure is allowed after completion of 18 years, provided that girl is married.Senior Citizen Saving
SchemeInterest rate and amountThe scheme offers a return of 8.6 per cent per annum
The minimum amount required to open the SCSS account is Rs
1,000 and the maximum amount should not exceed Rs
15 lakh, according to India Post.FeaturesAn individual of the age of 60 years or more is eligible to open this account
An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account
subject to certain conditions.The account can be opened by cash if the amount is below Rs
However, if the amount is Rs
1 lakh or more, investors need to deposit a cheque
Under the scheme, nomination facility is available at the time of opening and also after opening of account.TenureThe maturity period of
senior citizen saving scheme is five years
Premature closure of the SCSS account 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 1 per cent of the deposit.Income tax benefitsInvestments under this scheme qualify for benefit
under Section 80C of the Income Tax Act, 1961
TDS is deducted at source on interest if the interest amount is more than Rs
10,000 per annum.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
