Post office senior citizen savings scheme: Big news! A great saving scheme for senior citizens, gets more interest from the bank, know scheme details

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Post Office Scheme: You can also take tax exemption on the amount of investment made in this scheme. Those who have taken VRS, ie retirement before the age of retirement, can also open an account in this scheme if they want.


Post Office Scheme: If you are a senior citizen and want a better savings scheme with good returns, then the Post Office Senior Citizen Scheme can be a better option for you. In this post office scheme, you also get higher returns than the bank in this segment and also get a guarantee of the safety of your invested amount. Not only this, you can also take tax exemption on the amount of investment made in this scheme (Post Office Senior Citizen Savings Scheme).

Important things for account opening

To invest in the Senior Citizens Savings Scheme of the Post Office, first you have to open an account. Only people who are at least 60 years of age can apply for this. However, those who have already taken VRS, ie retirement before the age of retirement, can also open an account in this scheme if they want.

How much interest is earned on the scheme

At present, customers are getting interest at the rate of 7.4 percent per annum in the Post Office’s Senior Citizens Savings Scheme (India post SCSS), the official website of the post office. That is, more returns are being given than other small savings schemes. India Post says that in this scheme, any existing fixed deposit schemes of the bank get principal protection with additional interest over and above the normal interest rate.

Account opening minimum amount and tax exemption

Post Office Senior Citizens Savings Scheme account can be opened for as low as Rs 1000. One thing to note is that the maximum one can invest in this scheme is only up to Rs 15 lakh. Also, investment in this scheme (India post SCSS) can be availed of tax exemption under section 80C of the Income Tax Act, 1961.

Investment will mature in 5 years

In this Post Office Scheme, the maturity of your deposited capital is completed in 5 years. If you want, you can extend the scheme for another three years. You have to apply for this at the post office. If you want, you can close the account even before maturity, but you may have to bear a little loss for this. If you close the Post Office Senior Citizen Savings Scheme account after 1 year of its opening, then 1.5 percent of the deposit amount is deducted. If you close it after 2 years, then 1% of the deposit amount is deducted.