Post Office Senior Citizen Savings Scheme: You must be at least 60 years of age to open an account in the Senior Citizens Savings Scheme of the Post Office.
Post Office Senior Citizen Savings Scheme: Senior citizens can invest in many options, but some options are special. There is a similar scheme in the post office which is only for senior citizens. It also gives better returns and can also take income tax exemption. If you are at least 60 years of age then this scheme is for you. Yes, we are talking about the Senior Citizens Savings Scheme Account of the Post Office (SCSS). This scheme is the best in terms of safety and returns.
Know the Criteria for Account Opening
You must be at least 60 years of age to open an account in the Senior Citizens Savings Scheme of the Post Office. Those who have taken VRS, ie Voluntary Retirement Scheme, can also open an account in this scheme if they want.
How much interest is earned on the scheme
According to the information given on the official website of the post office on the amount deposited in the Senior Citizen Savings Scheme, at present you are getting interest at the rate of 7.4 percent per annum. That is, more returns are being given than other small savings schemes.
How much amount will open account and tax exemption
In this scheme of post office, you can open an account for 1000 rupees. Yes, you have to keep in mind that in this scheme you can deposit up to a maximum of Rs 15 lakhs. Investments under this scheme can be availed of tax exemption under section 80C of the Income Tax Act, 1961.
When will the investment mature?
The maturity of your deposited capital in Post Office SCSS is completed in 5 years. However, you can extend it further for another three years. You have to apply for this at the post office. 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.
