Are you a senior citizen? Do you know about this great post office scheme, from which you can get a higher rate of return?
Hello friends, welcome to our blog Earn Money Bangla. We have already discussed various investment schemes for Post Office in this blog. Today we have returned with such an investment scheme. In today’s post, we are going to discuss about Post Office Senior Citizen Savings Scheme or SSC Scheme. So to know all the details of Post Office Senior Citizen or SSC Scheme, read this article completely.
Who can open a Senior Citizen Savings Scheme or SSC account in Post Office?
- Any Indian citizen above the age of 60 years.
- Retired civil servants over 55 years of age but under 60 years of age. However, in this case, the condition is to invest within 1 month of receiving the retirement benefits receipt.
- Retired military personnel over 50 years of age but under 60 years of age. However, in this case, the condition is to invest within 1 month of receiving the retirement benefits receipt.
- A joint account can also be opened with the spouse.
Present interest rate in Post Office Senior Citizen Savings Scheme or SSC Scheme
- At present, the annual interest rate on Post Office Senior Citizen Savings Scheme or SSC Scheme is 8.2%.
- In this case, interest is paid every three months (31st March, 31st June, 31st September, 31st December).
Post Office Senior Citizen Savings Scheme or SSC Calculator Post Office SSC Calculator
At the current interest rate, if Rs. 15,00,000 is invested in this scheme, after 8 years it will become Rs. 28,26,810.
Minimum amount needed to open a Senior Citizen Savings Scheme or SSC account at Post Office
- You can open a Senior Citizen Savings or SSC account at the post office with a minimum of Rs. 1,000.
- In this case, you can deposit up to a maximum of Rs. 15,000,000 in this account.
Post Office Senior Citizen Savings Scheme or SSC – How many days does it take to mature?
- The money kept in the Post Office Senior Citizen Savings or SSC account matures in 5 years.
- You can continue your SSC account for another three years if you wish. That means you can get interest from a SSC account for a maximum of 8 years. However, in this case, within one year of the maturity, the post office should be intimated that you still want to continue your SSC account by submitting the relevant application form.
Can SSC account be closed before maturity?
- The Senior Citizen Savings Account or SSC Account can be closed at any time.
- If the account is closed within one year of opening, no interest will be paid. If the interest has already been paid, the interest will be recovered from the principal.
- If the account is closed after 1 year but before 2 years, then 1.5% amount will be deducted from the principal amount.
- If the account is closed after 2 years but before 5 years, then 1% amount will be deducted from the principal amount.
Some more information about Post Office Senior Citizen Savings or SSC Scheme
- You will also get income tax exemption as per Section 80C of the Income Tax Act on the money kept in this scheme.
How to open Senior Citizen Savings or SSC account at Post Office?
- Step 1: – Go to your nearest post office and tell the person at the counter that you want to open SSC or Senior Citizen Savings Account. You will then be given an application form.
- Step 2: – Fill in all the information in the application form.
- Step 3: – Arrange the following documents. These will be required while submitting the application form. These documents are –
- Aadhaar card
- PAN card
- Two copies of the passport-size photo.
- Step 4: – Then submit these documents along with the application form to the counter.
Step 5: – Deposit the amount. - Then your SSC account will be activated.
Conclusion
For a Senior Citizen, the first priority is to save money. In this circumstance Post Office’s Senior Citizen Savings Scheme is the best option to go for.
Apart from this, if you have any questions or doubts regarding Post Office’s Senior Citizen or SSC Scheme or any other financial issue, please let us know in the comment box or email us at [email protected] and if you like this post, share it with others and give others a chance to know.