Post Office Senior Citizen Saving Scheme Rules

The SCSS's governing principles are as follows:-

For the SCSS account to be opened, the depositor must be 60 years old. If a person has retired on superannuation or via a voluntary retirement programme and is over 55 but under 60, they may also create an SCSS account. To open the account, customers must do it within 30 days of receiving the retirement benefits. Furthermore, the investment sum shouldn't be greater than their retirement benefits.

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(1) The lock-in time for SCSS is five years.

(2) Payments of SCSS interest rates are made at the conclusion of each quarter. The rate of interest right now is 7.60%. (October – December 2022). The first working day of January, April, July, and October see the payment of accrued interest.

(3) Depositors have the option of managing several accounts individually or collectively.

(4) A married couple may have a joint account.

(5) The deposit sums must be multiples of 1,000 INR. Additionally, the SCSS account has a 15,000,000 INR maximum limit.

(6) As long as the total balance does not exceed INR 15 lakhs, investors may keep an unlimited number of accounts.

(7) If the deposit is less than INR 1,000,000, the account can be opened using cash. Only a check can be used to make deposits of $1,000 or more. The day the account was opened is considered the day cash was realised in the government account for check payments.

(8) SCSS depositors are permitted to designate a nominee for their account.

(9) It is simple to move SCSS accounts from one post office to another.

(10) At the post office, money orders or PDCs can be used to withdraw the interest that has been earned.

(11) Withdrawals made before the account has been open for a year are permitted. 1.5% of the entire deposit value is taken away as a penalty for withdrawals made after one year. However, withdrawals made after two years are subject to a 1% penalty on the deposit amount.

(12) The investor may prolong their investments for an additional three years after the SCSS account reaches maturity. Premature withdrawals are not punished throughout these three years.

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