Post Office Senior Citizen Savings Scheme: Eligibility, Interest Rates
Here are key things to know about post office Senior Citizen Savings Scheme: Amount The minimum amount required to open the SCSS account is R s. s- 1000/- and the maximum amount should not exceed Rs s. 15 lakh. The account can be opened by cash if the amount is below Rs s. 1 lakh. However, if the amount is Rs s. 1 lakh or more, one needs to deposit a cheque. Interest rates The scheme offers an interest rate of 8.6 per cent per annumI(As of 09th Sep-2019), according to India post. Income tax benefit Investments under the scheme also qualify for the income tax benefit under Section 80C of the Income Tax Act. TDS is deducted at source on interest if the interest amount is more than Rs s. 10,000/- per annum. Maturity The maturity period of senior citizen savings scheme is five years. However, after maturity, the account can be extended for further three years within one year of the maturity by giving application in...