SCSS (Senior Citizen Savings Scheme) Account
What is it?
This is an account that one can open in the Post Office.
As the name suggests, its for Senior citizens.
Current interest rate is 9.2%
Max amount that can be invested in 1 account: 15L
Min amount: 1000 Rs
Maturity: 5 years
Can I have more than 1 account: Yes, but max in one account is 15L
Nomination available: Yes
Transferrable: Yes
Can it be extended: Yes (for 3 years)
TDS deducted: Yes
Note: Interest is paid quarterly.
So for 15L deposited, at a rate of 9.2%, the interest for the year is 1.38L (34500 paid quarterly).
So if you have 4 accounts (15L*4 = 60L), you will get 1.38L quarterly.
You can use this as a pension for yourself.
Will this be the interest when I am 60?
Good question, I am certain it won't be. Depending on your age, this scheme may not even be around at that time :)
Thoughts?
What is it?
This is an account that one can open in the Post Office.
As the name suggests, its for Senior citizens.
Current interest rate is 9.2%
Max amount that can be invested in 1 account: 15L
Min amount: 1000 Rs
Maturity: 5 years
Can I have more than 1 account: Yes, but max in one account is 15L
Nomination available: Yes
Transferrable: Yes
Can it be extended: Yes (for 3 years)
TDS deducted: Yes
Note: Interest is paid quarterly.
So for 15L deposited, at a rate of 9.2%, the interest for the year is 1.38L (34500 paid quarterly).
So if you have 4 accounts (15L*4 = 60L), you will get 1.38L quarterly.
You can use this as a pension for yourself.
Will this be the interest when I am 60?
Good question, I am certain it won't be. Depending on your age, this scheme may not even be around at that time :)
Thoughts?
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