Put up Workplace SCSS gives 8.2% annual curiosity.
To open the POSCSS account, senior residents want a minimal deposit of Rs 1,000, with a most deposit of Rs 30 lakh.
As folks become older and attain the age of retirement, they often survive on their financial savings. To stay a superb and comfy life, folks want cash once they retire. At present, we’re going to discuss a scheme that has been particularly designed for senior residents. The scheme is the Put up Workplace Senior Citizen Financial savings Scheme. The scheme is backed by the federal government and gives a better price of curiosity than most different financial savings schemes.
One of many fundamental highlights of the scheme is that individuals can begin their funding with Rs 1,000. The Put up Workplace Senior Citizen Financial savings Scheme is a protected and safe funding possibility for senior residents in India. It supplies a daily earnings stream and helps them meet their monetary wants throughout their retirement years.
Put up Workplace Senior Citizen Financial savings Scheme: Eligibility
The Put up Workplace SCSS is for people who’re 60 years of age or older on the date of opening an account, or a person who has attained the age of 55 years or extra however lower than 60 years and has retired beneath superannuation, VRS, or particular VRS, may also open an account.
Other than that, retired personnel of the Defence Providers (excluding Civilian Defence workers) may also open an account upon attaining the age of fifty solely based mostly on fulfilling different circumstances. The scheme additionally permits a depositor to open an account individually or collectively with a partner. However the one situation is that the entire quantity of deposit in a joint account shall be attributable to the primary account holder solely.
Put up Workplace Senior Citizen Financial savings Scheme: Tips on how to Apply
Senior residents can open a SCSS account at a financial institution or put up workplace. To open the account, senior residents want a minimal deposit of Rs 1,000, with a most deposit of Rs 30 lakh. There might solely be one deposit within the account in multiples of Rs 1,000 that doesn’t exceed Rs 30 lakh. A number of withdrawals from an account usually are not permitted.
Put up Workplace Senior Citizen Financial savings Scheme: Know the Returns
At present, the scheme gives 8.2 per cent annual curiosity on selecting SCSS. So, if an individual invests round Rs 30 lakh, they may get an annual curiosity of Rs 2.46 lakh, which is round Rs 20,000 month-to-month.
