Post Office Senior Citizen's Saving Scheme

Post Office Senior Citizen's Saving Scheme







Senior Citizen's saving scheme is a social security tool given to senior citizens by govt. of india. Please find the features as under



9% interest per annum payable quarterly.



Minimum Deposit: Rs 1000 and multiples thereof.



Maximum Limit : 15 Lakhs.



The scheme is for 5 years and can be extended for a further period of 3 years.

Premature closure is allowed after one year on deduction of 1.5% interest & after 2 years 1% interest.

Risk free investment as it is guaranteed by government of india.



Individual aged of 60 years and above can invest.



Employees retiring at 55 years or more but less than 60 years who has retired on superannuation or otherwise on the date of opening of account subject to the condition that the account is opened within one month of receipt of retirement benefits.



TDS is deducted at source on interest if the interest amount is more than INR 10,000/- p.a.



Joint account can be opened with spouse.



The investment under this scheme qualify for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007

 

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