Post Office senior citizen saving scheme for higher returns: Check basic rules, process & other details
Post office senior citizen saving scheme
Post office has some good schemes for its consumers to save money while earning high interest rates. Similarly, Post office runs a scheme for senior citizens called ‘Post office senior citizen saving scheme (SCSS) in which you can get higher interest rate of 7.4% on saving deposits. The scheme not only helps to save money securely but also ensure good profits.
Post office senior citizen saving scheme maturity period and general rules
The maturity period for Senior Citizen saving scheme is 5 years. However, you can increase SCSS maturity period up to 3 years more by applying offline in the post office. The scheme provides the facility to open individually or with wife/husband and with more than one account. But you should know that the total investment mustn’t breach the limit of 15 lakhs. Moreover, nomination facility is open during opening or closing the account.