Senior Citizen Savings Scheme in Post Office(SCSS)

 Senior Citizens Savings Scheme (SCSS)

                     The Senior Citizens Savings Scheme (SCSS) is a government-sponsored savings feature offered to Indian citizens over 60 years of age. The deposit matures after 5 years from the date of opening the account. But it can be extended once in an additional 3 years.

        The Indian Postal Service has post offices across the country. There are different savings plans offered with different interest rates.

         

            Applicants must be 60 years of age or older. People over the age of 55 and over the age of 60 are eligible for special permission to join the scheme if they have voluntarily retired or retired for other reasons.

The Interest Rate for the Senior Citizen Saving Scheme for the second quarter (July-Sep) is 8.6% per annum. Interest rates may be adjusted by the Federal Ministry of Finance on a quarterly basis.

The compounded interest on the Investment Amount in the SCSS Scheme is paid at the end of each quarter. That means interest will be paid on March 31, June 30, September 30 and December 31.