The government has announced the interest rate in the Post Office Senior Citizens Scheme (Post Office SCSS) for the July to September quarter of the financial year 2023-24.
xplain that every quarter the interest rates available in this scheme are announced by the government. This time, in its decision, the government has kept the interest rate on SCSS at 8.2 per cent only. No changes have been made in this. Although the interest rates in this scheme were increased in the last quarter.
The Post Office Senior Citizens Scheme (Post Office SCSS) is one of the few and most beneficial schemes for people falling in the category of senior citizens. Now the government has announced the interest rate in this scheme for the July to September quarter of the financial year 2023-24. Explain that every quarter the interest rates available in this scheme are announced by the government. This time, in its decision, the government has kept the interest rate on SCSS at 8.2 per cent only. No changes have been made in this. Although the interest rates in this scheme were increased in the last quarter.
How much was the interest rate increased last time
Explain that in the last quarter, the government had increased the interest rate on Post Office Senior Citizens Scheme (Post Office SCSS) by 20 basis points. After which its interest rate was increased from 8 percent to 8.2 percent. If you also come in the category of senior citizens and have investment planning, then you can invest in this scheme. Let’s take a look at its features.
What is the maximum and minimum limit of investment?
Under the Post Office Senior Citizens Scheme (Post Office SCSS), you can deposit a minimum of Rs 1,000 and a maximum of Rs 30 lakh. Explain that after the completion of the investment, the interest rate will remain the same for the period of the investment. Interest will be paid on quarterly basis and will be applicable from the date of deposit till 31st March/30th June/30th September/31st December. Interest can be withdrawn through auto credit to savings account in same post office or ECS. Monthly interest on SCSS accounts at CBS Post Offices can be deposited into savings accounts at any CBS Post Office.
What are the rules for premature closure
If the account is closed before one year, no interest is paid, and any interest paid into the account is deducted from the principal amount. If the account is closed after one year but before two years from the date of opening, 1.5% of the principal balance will be deducted. And if the account is closed after 2 years but before 5 years from the date of opening, then 1% of the principal amount will be withdrawn. Under this scheme, you can also extend your account for three years.
