INSUBCONTINENT EXCLUSIVE:
Sukanya Samriddhi Scheme offers an interest rate of 8.1 per cent per annum.If you are planning to make an investment for your daughter or
parents, post office schemes can be a good option
Post offices offer a host of saving schemes with different rates of interest
Two of the various savings schemes, post office offers is 'Sukanya Samriddhi' and Senior Citizen Saving Scheme
A Senior Citizen Saving Scheme is for people above the age of 60 years while the Sukanya samriddhi scheme is meant for girl child
Recently, the government slashed the minimum amount of annual deposit in Sukanya Samriddhi accounts to Rs
1,000.Post office Senior Citizen Saving Scheme (SCSS) and Sukanya Samriddhi scheme in detail:Post office Sukanya Samriddhi scheme in
1,50,000 in a financial year
The subsequent deposit should be made in multiple of Rs
Deposits can be made in lump-sum amount
There is no limit on the number of deposits either in a month or in a financial year.A legal guardian/natural guardian can open the account
in the name of girl child.A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two
different girl children.TenureThe account can be opened up to age of 10 years only from the date of birth
For initial operations of scheme, one year grace has been given
With the grace, a girl child who is born between December 2, 2003 and December 1, 2004 can open account up to December 1, 2015.If minimum
250 is not deposited in a financial year, the account will be discontinued and can be revived with a penalty of Rs
50 per year with the minimum amount required for deposit for that year.Partial withdrawalPartial withdrawal, maximum up to 50 per cent of
balance standing at the end of the preceding financial year, can be taken after account holder's attaining age of 18 years.The account can
be closed after completion of 21 years.Normal premature closure will be allowed after completion of 18 years, provided that girl
In case of SCSS accounts, quarterly interest shall be payable on 1st working day of April, July, October and January
There shall be only one deposit in the account in multiple of Rs 1,000 and the maximum amount not exceeding Rs 15 lakh, according to
indiapost.gov.in.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 the condition that the
account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits.A
of senior citizen saving scheme is five years
The account can be transferred from one post office to another
Any number of accounts can be opened in any post office subject to the maximum investment limit by adding balance in all accounts.After
maturity, the account can be extended for further three years within one year of the maturity by giving application in the prescribed format
In such cases, the account can be closed at any time after expiry of one year of extension without any deduction.Premature closurePremature
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 benefitsInvestment under this scheme qualifies for benefit under
Section 80C of the Income Tax Act, 1961 from April 1, 2007
Tax is deducted at source if the interest amount is more than Rs
