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
Example:
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
