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PO Senior Citizen Saving Scheme
Post Office Scheme 2023 : Indian Postal Department issues many big beneficial schemes for its customers. It has schemes for citizens of all ages. If you also want to invest safely, then you have a chance to become a millionaire in a few years.
We are telling you about ‘Post Office Senior Citizen Saving Scheme’ in which you get interest at the rate of 8.1 percent. That means with simple investment you can earn Rs. You can create a huge fund of Rs 15 lakh. Here through this article we are talking about Post Office Senior Citizen Saving Scheme .
Post Office Monthly Income Scheme for Senior Citizens : If you are retired, this is run by the Indian Postal Department. Senior Citizen Saving Scheme (SCSS) scheme is more beneficial and better for you. It is advisable to invest your lifetime earnings somewhere which is safe and gives returns
To open an account in India Post SCSS, the age should be 60 years. Only people of 60 years of age or above can open an account in this scheme. Apart from this, people who have taken VRS can also open an account in this Post Office Senior Citizen Saving Scheme.
Post Office Senior Citizen Saving Scheme Calculator : If you invest Rs. 10 lakh, then after 5 years i.e. on maturity the total amount of India Post will be Rs. Will be like 15 lakhs. Here you are getting a benefit of Rs 4,28,964 in the form of interest.
Highlights of Senior Citizen Saving Scheme
| Name of the article | Post Office Senior Citizen Saving Scheme |
| language of article | Hindi and English |
| purpose of the article | Information about Post Office Senior Citizen Saving Scheme |
| Department Name | Indian Postal Department |
| name of the scheme | Post Office Senior Citizen Saving Scheme |
| Post Office Official Website | https://www.indiapost|gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx |
Benefits of Senior Citizen Saving Scheme in Post Office and its other features
Senior Citizen Saving Scheme – Interest Rate
Disadvantages of Senior Citizen Savings Scheme Interest is being received at the rate of 7.4 percent per annum in this post office scheme. This interest rate was applicable from 1 April 2020. But from April 1, 2023, the interest rate has been increased to 8.1 percent.
Senior Citizen Saving Scheme – Investment amount
In this government scheme, the amount has to be deposited only once. This amount will be in multiples of one thousand rupees and can be up to a maximum of Rs 30 lakh.
Senior Citizen Saving Scheme – Who can open an account?
Any person above 60 years of age can open an account in the Senior Citizens Savings Scheme. Apart from this, any retired employee above 55 years of age but below 60 years of age. Investment in this has to be done within one month of receiving retirement benefits. Retired defense personnel above 50 years of age but below 60 years of age can also invest in it. In this case the investment has to be made within a month of receiving the retirement benefits. The account can be opened individually or jointly with spouse.
Senior Citizen Saving Scheme – Investment Period
The account can be closed after 5 years from the date of opening. For this, appropriate application form will have to be submitted along with the passbook in the concerned post office. If the spouse is a joint holder or sole nominee then the account can be continued till maturity, provided the spouse is eligible to open the account in the scheme and there is no other account in it.
Senior Citizen Saving Scheme – Tax benefit and other benefits
Investment under this scheme provides benefits under Section 80C of the Income Tax Act, 1961.
The account holder can extend the account for more than 3 years from the maturity date. For this he will have to submit the appropriate form along with the passbook in the concerned post office.
The account can be extended within one year of maturity.
Single and joint account can be opened
Senior Citizen Savings Scheme can be opened as a single account or as a joint account with your spouse. Apart from this, no other investor can be included in this account. You can invest your money in this scheme for five years.
Benefits of investing in SCSS
SCSS Scheme provides many benefits to senior citizens-
- Since SCSS is a government scheme, it comes with all the safety and security measures associated with such government-backed programs.
- Currently, the current interest rate is 8.1 percent per annum, which is very high. Therefore, it offers higher returns which provides most of the tax-saving component under Sector 80C.
- Since the maturity period is longer and can be extended further, it encourages senior citizens to keep it as a long term investment plan which keeps them financially secure.
- Under Section 80C of the Income Tax Act, 1961, there is a tax deduction of up to ₹1.5 lakh in any financial year on the investments you make in a senior citizen tax-saving scheme.
- As you can invest any amount between Rs 1000 to Rs 30 lakh (in multiples of Rs 1000), it offers you great returns. But, you can
- invest only once in lump sum.
- In case of emergency, you have the option of early withdrawal after deducting the applicable penalty.
- The scheme is very widely available, making it accessible to citizens across the country.
- You can also open a joint SCSS account with your spouse. In this case the maximum amount is Rs. 30 lakh, and a joint account can be opened only with a spouse. In case of joint SCSS account, the age of the first depositor should be above 60 years. No such rule will apply to any other applicant.
- You can also choose one or more nominees. You can also change or cancel the nomination made by you.
Highlights of the scheme…….
- You must be above 60 years of age to invest in this scheme.
- Under this scheme, you get an interest rate of 8.1 percent.
- Investors can invest a minimum of Rs 1,000 and a maximum of Rs 5,000 in this scheme.
- You can invest in this scheme for a total of 5 years.
- People who are eligible for VRS (Voluntary Retirement Scheme Scheme) can also invest in it.
- By investing in this scheme, you will get exemption under section 80C of income tax.
You can fill the form offline and submit it to the post office along with the required documents.
PO Senior Citizen Saving Scheme – Helpline
| Name of Department and Ministry | Department of Posts, Ministry of Communications, Government of India |
| Address | Directorate of Posts Dak Bhawan New Delhi 110001 |
| Customer Care Toll Free Number | 1800 266 6868 |
You can close your account before five years after investing in this scheme. If you close the account within one year of investment, you will not get any interest. At the same time, if the account is closed within 2 years, a deduction of 1.5 percent will be made. At the same time, if the account is closed between 2 to 5 years, 1 percent will be deducted from your total deposit amount.