To open the POSCSS account, senior citizens need a minimum deposit of Rs 1,000, with a maximum deposit of Rs 30 lakh.
As people get older and reach the age of retirement, they usually survive on their savings. To live a good and comfortable life, people need money when they retire. Today, we are going to talk about a scheme that has been specifically designed for senior citizens. The scheme is the Post Office Senior Citizen Savings Scheme. The scheme is backed by the government and offers a higher rate of interest than most other savings schemes.
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One of the main highlights of the scheme is that people can start their investment with Rs 1,000. The Post Office Senior Citizen Savings Scheme is a safe and secure investment option for senior citizens in India. It provides a regular income stream and helps them meet their financial needs during their retirement years.
Post Office Senior Citizen Savings Scheme: Eligibility
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The Post Office SCSS is for individuals who are 60 years of age or older on the date of opening an account, or an individual who has attained the age of 55 years or more but less than 60 years and has retired under superannuation, VRS, or special VRS, can also open an account.
Apart from that, retired personnel of the Defence Services (excluding Civilian Defence employees) can also open an account upon attaining the age of 50 only based on fulfilling other conditions. The scheme also allows a depositor to open an account individually or jointly with a spouse. But the only condition is that the whole amount of deposit in a joint account shall be attributable to the first account holder only.
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Post Office Senior Citizen Savings Scheme: How to Apply
Senior citizens can open a SCSS account at a bank or post office. To open the account, senior citizens need a minimum deposit of Rs 1,000, with a maximum deposit of Rs 30 lakh. There may only be one deposit in the account in multiples of Rs 1,000 that does not exceed Rs 30 lakh. Multiple withdrawals from an account are not permitted.
Post Office Senior Citizen Savings Scheme: Know the Returns
Currently, the scheme offers 8.2 per cent annual interest on choosing SCSS. So, if a person invests around Rs 30 lakh, they will get an annual interest of Rs 2.46 lakh, which is around Rs 20,000 monthly.
