PRODUCT NOTE


Tenure: 5-YEARS

Rate of Interest: @7.40% p.a.

type  OF INTEREST Fixed For the Tenure

MODE OF CALCULATION: payable quarterly


MINIMUM AMOUNT REQUIRED

in multiple of INR 1000

Maximum Amount Limit

Rs. 15,00,000/- lakh

Who can Invest

An individual of the Age of 60 years or more may open the account or An individual of the age 55-60 years who has retired on superannuation or under VRS subject to the condition that the account is opened within one month of receipt of retirement benefits.


Senior Citizens Savings Scheme

It is a scheme which gives a fixed coupon rate payable on quarterly basis and it is most recommended for all senior citizens. The rate of interest is higher than any bank deposit and a limit of Rs.15 lakh is applicable in the scheme. The interest is taxable and no TDS is deducted in any interest payment. Retiring individuals under V.R.S age 55 years can invest within 03 months of V.R.S. with documentary evidence.

Features

  • Main objective of its launch in 2004 was to check the decline in interest income of senior citizens

  • Interest is payable quarterly

  • Interest rate is fixed at the time of investing and stays the same for entire tenure

  • Minimum deposit Rs 1000/- and maximum Rs 15 Lacs

  • Premature closure facility available with penalty

  • Individuals of age 60 years and above can invest

  • Retiring individuals under V.R.S age 55 years can invest within 03 months of V.R.S. with documentary evidence

  • Facility of joint account with spouse

  • Investment is completely risk free 

Documents Required 

  • 2 photographs

  • along with a self-attested copy of PAN Card and Aadhaar Card

Revised Rates

w.e.f. 30-06-2020

POST OFFICE SCHEMES