Post office senior citizenship saving scheme: Minimum amount to deposit and interest rate

India

oi-Vicky Nanjappa

New Delhi, Aug 20: The post office has many offers and beneficial programmes that allow customers to save money and also earn a high interest rate.

Did you know that there is a post office scheme for senior citizens. It is called the post office senior citizen saving scheme of SCSS. This scheme offers a higher rate of interest of 7.4 per cent on savings deposits.

Post office senior citizen savings scheme: Maturity period and guidelines:

• The Senior Citizens Savings Plan has a 5 year maturity period. You can however submit an offline application at the post office and extend the SCSS maturity period by an additional three years.
• The scheme could be opened individually or with a wife or husband. The maximum investment cap is Rs 15 lakh. You can also avail nomination facility.

Har Ghar Tiranga: India post sells over 1 crore national flags in 10 days

Minimum and maximum contributions to SCSS:
The minimum amount needed to open this scheme is Rs 1,000 while the maximum is Rs 15 lakh. If the amount is less than a lakh you can open the SCSS by paying in cash, but for payments more than that you must pay by cheque.