Advantages of The Post Office Senior Citizen Savings Scheme (SCSS)

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Elders and senior citizens are given special consideration in our country. Saving Schemes for senior citizens in India is launched for the benefit of the senior citizen in the country. It is an effective, long-term saving option. c Know the features and benefits of this scheme.SCSS schemes are available through certified banks as well as the network post offices spread across India.

    Post Office Senior Citizen Scheme is 5 years one-time deposit scheme. Know the features and benefits of this scheme.

    Age
     

    Age

    An individual of the Age of 60 years or more can open the SCSS account in Post Office. ​​An individual of the age of 55 years or more but less than 60 years who have retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and the amount should not exceed the amount of retirement benefits.

    Account holder

    Account holder

    A depositor can operate more than one account in the individual capacity or jointly with the spouse (husband/wife). Nomination facility is available at the time of opening SCSS account and also after the opening of the account. A joint account can be opened with spouse only, and the first depositor in the Joint account is the investor. Opening PPF Account In Post Office: All You Need To Know

    Account transfer

    Account transfer

    If you are an SCSS account holder, and you are changing your location, don't worry about the account. Senior Citizen Savings Scheme Account can be transferred from one post office to another post office. Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.

    Interest
     

    Interest

    Interest can be drawn through auto credit into savings account standing at the same post office, through PDCs or Money Order. In case of SCSS accounts, quarterly interest shall be payable on the 1st working day of April, July, October, and January. It will be applicable at all CBS Post Offices. Note that quarterly interest of SCSS accounts standing at CBS Post offices can be credited in any savings account standing at any other CBS post offices. What Are The Benefits Post Office Savings Account?

    Maturity

    Maturity

    The maturity period of Senior Citizen Savings Scheme account is 5 years. After maturity, the account can be extended for further three years within one year of the maturity. For this, the account holder has to apply in prescribed format. In such cases, the account can be closed at any time after the expiry of one year of extension without any deduction. Premature closure of SCSS account is allowed after one year on deduction of an amount equal to1.5% of the deposit and after 2 years 1% of the deposit.

    Interest rate

    Interest rate

    From 1.04.2017, interest rates of SCSS accounts are 8.4​% per annum, payable from the date of deposit of 31st March/30th Sept/31st December in the first instance and thereafter, interest shall be payable on 31st March, 30th June, 30th Sept and 31st December. Indian Post Payment Bank; India's Most Accessible Banking Network

    Goodreturns.in

    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more