Senior Citizens Savings Scheme: Great news for senior citizens. In fact, more interest is being received on post office schemes than before. Under this you can get 200% return in 3 months.
Post Office schemes are getting more interest than before. There is a scheme in which 8 percent interest is being offered. Yes, this interest rate is being offered on the Senior Citizen Savings Scheme of the Post Office. Usually a person above 60 years can invest in this small saving scheme.
The account can be opened only by husband or wife as a single account or both together can also open a joint account (Post Office SCSS Account). The entire amount deposited in the joint account is handed over to the primary account holder only. Tax exemption is also available in this scheme under section 80C of the Income Tax Act, 1961.
If you are above 50 and below 60 years then…
If you are a retired civil servant above 55 years and below 60 years, then you can invest in this scheme only if you are going to invest within one month from the date of receipt of retirement papers. Similarly, if you are a retired defense staff above 50 years and below 60 years and are going to invest in the next one month from retirement, then you can also invest in Post Office Senior Citizen Savings Scheme (India Post SCSS account). Can.
How much amount can be deposited-
According to the official website of the Post Office, in the case of a single account, at least Rs 1000 and in multiples of Rs 1000, up to Rs 15 lakh can be deposited in this scheme. If by mistake more money is deposited than the fixed maximum limit, then the excess amount is returned to the account holder immediately and the interest rate applicable on the post office savings account is applicable.
Interest rate on SCSS Account-
8 percent interest is being received in the Post Office Senior Citizen Saving Scheme (Post Office SCSS scheme). Interest will be payable on quarterly basis and is applicable till 31st March/30th June/30th September/31st December from the date of deposit. If the interest payable every quarter is not claimed by the account holder, such interest will not earn additional interest.
If the interest is taxable and if the total interest earned on all Post Office Senior Citizens Savings Scheme accounts exceeds Rs 50,000 in a financial year, TDS at the prescribed rate will be deducted from the total interest paid. Yes. No TDS will be deducted if Form 15G/15H is submitted and the interest earned does not exceed the prescribed limit. In this scheme, a deposit of Rs 10,000 gets a return of Rs 200 every quarter as interest.
These things are also applicable with SCSS Account-
If you want to close the account (Post Office SCSS Account) first, then you have to go through the prescribed conditions of the Post Office. In this, there is a provision of getting penalty or less interest according to different periods. Similarly, if you want, you can get the account closed even after 5 years. If the account holder dies, then from that date the rate of interest available on post office savings account becomes applicable on this account.
