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All you need to know about the Post Office Senior Citizen Saving Scheme (SCSS)

Senior citizen saving schemes involve different types that are mainly designed for those above 60 years old. If you are a senior citizen, then you should know how they will benefit you in various ways. The schemes are suitable for you to lead a trouble-free life after your retirement. Have you opted for voluntary retirements and in the age group of 55- 60 years? Then, you are eligible for the schemes that will allow you to enhance your cash flow to a large extent.

The schemes are available in the nearest post offices, and you can get more details about them. They make a good option for you because the schemes come with high-interest rates that will help accomplish goals in financial planning. Not only that, they have zero risks when compared to other investments. However, you need to check the eligibility and other things before choosing a plan. This, in turn, gives ways to ensure a steady income that will help overcome financial obstacles.

What are the advantages of post office senior citizen saving schemes?

You should know the advantages of a senior citizen saving scheme before opening an account that will help you make the right decision. Moreover, the schemes allow you to choose the right one based on your choices. Here are some benefits you will get from a post office saving scheme.

  1. Nomination Facility: You can nominate anyone based on your choices while opening your account. This, in turn, allows your nominee to claim amounts when you are not around.
  2. High Returns on Investments: Post office saving schemes let you get high returns on investments that give ways to focus more on your financial planning. Moreover, you can plan for your future life that will help you overcome financial obstacles.
  3. Pre-Mature Closure: You can close your post office senior citizen saving scheme anytime with 1.5%deduction can deposited amount after one year and 1% deduction after 2 years. You can even extend your tenure after the maturity period. 
  4. High-Interest Rates: The senior citizen saving schemes come with high-interest rates when compared to other plans. You can ensure a fixed income with them that will help enhance the cash flow. On the other hand, you should check the post office saving scheme interest rate as they may vary.
  5. Tax Benefits: You can claim tax benefits under the income tax acts, and you can save more money. Apart from that, it will help you reduce expenses significantly.
  6. Simple Investment Process: Investing money in a senior citizen saving scheme is a simple process, and you can follow the steps with ease.
  7. Low Investments: You can invest a minimum amount of Rs.1000, and in multiples, after that, that will help gain more advantages. Apart from that, you can invest money monthly based on the choices.
  8. Zero Risks: The saving schemes offered by banks and post offices have zero risks allowing you to avoid unwanted issues.

 

Types of savings schemes available in post offices 

Post offices offer various types of savings schemes for senior citizens, and you can select them based on your choices. Some of them include:

  • Public Provident Fund (PPF)
  • National Savings Certificate (NSC)
  • Term Deposit Fund (TD) 
  • Kissan Vikas Patra (KVP)
  • Recurring Deposit Scheme (RD) 
  • Post Offices Savings Account 
  • Post Office Monthly Income Scheme 

You should know more about the details of the plans in detail that will help meet essential needs. Not only that, they come with attractive interest rates allowing you to earn high returns. 

What are the interest rates of post office saving schemes?

You should know the post office saving scheme interest rate from different sources before investing money. The Indian government will review the interest rates quarterly and are subject to change. You can check the latest interest rates of schemes online and other reliable sources. Besides that, you can even visit the nearest post offices to compare the interest rates and other things.

List of documents needed for the post office schemes

You should prepare the list of documents needed for the post office scheme in advance that will help save time. Some of the documents required include age proof, aadhaar card, address proof, etc. In addition, you should have a PAN account number while opening an account in a post office. If you are a voluntary retiree, you should submit the proof mentioning the details of retirement. In addition, you should enclose the information of your profession when you opt for a retirement plan.

How to open a senior savings scheme?

You can open a senior savings scheme in any post office after doing complete research that will help accomplish goals. Visit your nearest post office and submit an application form with copies of KYC documents to open an account as soon as possible. You should also carry 2 recent passport size paragraphs when opening a savings scheme. Make sure that you mention the nominee’s name in your application form while submitting it. You can even open a joint account in a post office that gives ways to manage your cash flow with ease.

How to choose the best post office savings schemes?

You can select the best SCSS scheme that offers steady growth in wealth, capital security, and regular monthly income. As an investor, you need to evaluate the opportunities doubling your amount that will help you reach the next levels in your life. Compare the interest rates of schemes carefully, which provides high returns. Read the instructions properly while opening an account. The post office savings schemes are suitable for focusing more on building wealth to a large extent. They even show methods to lead a trouble-free life after opening an account.

Furthermore, Senior citizen saving schemes allow you to lower risks when compared to other investment plans. Not only that, they will help you improve your financial conditions after retirement. Therefore, you can choose the best schemes that cater to your requirements.

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