Post Office Senior Citizen Savings Scheme: For this, you have to fill a form in the post office and submit the passbook of this account. The account can be extended anytime within one year from maturity. You will also get fixed interest on the extended account.
Post Office Senior Citizen Savings Scheme: Among the small savings schemes of the post office, there is a very special scheme for the elderly, the Senior Citizen Savings Scheme. This scheme also gives excellent returns and also comes with many facilities. That is, if your age is at least 60 years, then this scheme is for you. You can further extend the account under this scheme even after maturity.
What are the rules for extending
If you want to continue your Senior Citizen Savings Scheme account even after maturity, then this facility is also provided by the post office. According to the official website of India Post, you can extend this account further for three years. For this, you have to extend beyond the date of maturity. For this, you have to fill a form in the post office and submit the passbook of this account. The account can be extended anytime within one year from maturity. You will also get fixed interest on the extended account.
What are the benefits of the scheme
In the Senior Citizens Savings Scheme of the Post Office, the account is currently getting interest at the rate of 7.4 percent per annum. That is, more returns are being given than other small savings schemes. In this scheme, along with better returns, tax exemption is also available under section 80C of the Income Tax Act, 1961.
You can deposit up to a maximum of Rs 15 lakh
You can deposit a maximum amount of up to Rs 15 lakh in the Senior Citizens Savings Scheme of the Post Office. In this scheme of post office, you can open an account for 1000 rupees.
Maturity is completed in 5 years
The maturity of the amount deposited in the Senior Citizens Savings Scheme is completed in 5 years. If you want, you can close the account even before maturity, but the post office deducts 1.5 percent of the deposit amount only on closing the account closed after 1 year of account opening. If you close it after 2 years, then 1% of the deposit amount is deducted.
