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Premature closure of account is permitted. |
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1. After one year but before 2 years on deduction of 1 ½ % of the deposit.
2. After 2 years but before date of maturity on deduction of 1% of the deposit |
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Premature closure allowed after three years. |
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In case of death of the depositor before maturity, the account shall be closed and deposit refunded without any deduction along with interest. |
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Interest @ 9.30% per annum from the date of deposit on quarterly basis. Interest can be automatically credited to savings account provided both the accounts stand in the same post office.
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Interest rounded off to the nearest multiple of rupee one. |
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Post Maturity Interest at the rate applicable to the deposits under Post Office Savings Accounts from time to time is admissible for the period beyond maturity. |
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Nomination facility is available in the Scheme. |
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The investment under this scheme qualify for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007.
Monthly Income Scheme (MIS) and Senior Citizen Saving Scheme (SCSS) are the best for Senior Citizens who desire monthly/quarterly interest. Invest in MIS / SCSS and transfer interest into RD account through SB account through written request and earn a combined interest of 10.5 % (approx.). |
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| This is the safest investment option for the Senior Citizens. |
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