Post Office Senior Citizen Savings Scheme

Post office Senior Citizen Savings Scheme:
This senior citizen scheme will give you a good support to their life with no financial issues, if any person above 60 years of age can deposit lump sum amount and take interest of 8% to lead their life, interests will be credited at 30th of March, June, Sept and December months.

The scheme is very helpful to senior citizens, & who does not want to depend on others

A senior citizen having 10 lakh rupees, he can deposit under this scheme and can earn interest @ 8.3% which can credited on 30th of  March, June, Sept and December months i.e. for every 3 months

Features of Post office Senior Citizen Savings Scheme:
  • Any individual having 60 years of age, is eligible to open the account

  • One can deposit a min of 1000 rupees and multiply their of

  • Maximum amount cannot be exceeded to 15 lakh rupees

  • Maturity period or tenure is 5 years of deposit

  • A single or joint account can be opened

  • Joint account can open between wife & husband

  • No cash allowed more that 1 lakh amount

  • You can deposit cheque for more than 1 lakh or above amounts

  • You can enroll nominee at the time of account opening

  • Accounts can transfer to other post offices as you like

  • You can withdraw interest money using auto credit to your post office account

  • Interests are payable on quarterly bases

  • TDS can be deducted from the account in case if interest earned more than 10000 in a year

  • Income tax benefit is available under this scheme
Review of Post office Senior Citizen Savings Scheme

Positives of Post office Senior Citizen Savings Scheme
  • A good interest rate of 8.3% is applicable to scheme

  • A safer investment

  • A senior citizen can enjoy the interest and can survive without depending on others

  • Income tax benefit will be allowed under this scheme

Negatives of Senior Citizen Savings Scheme
  • Tds will be deducted under this scheme