What is PO SCSS (Senior Citizen Savings Scheme)?
- As the name suggests, this scheme is exclusively for the elderly.
- An individual should be 60 or more in order to open an account under this scheme.
- The interest rates payable are 8% per annum, compounded quarterly and paid.
- This scheme has a maturity period of five years and the maximum amount can’t exceed Rs15 Lakhs.
- For an amount under Rs 1 lakh, the account can be opened via cash. For an amount above 1 lakh, however, you have to open the account through cheque.
- Only the spouse can be the joint account-holder. You can open as many accounts as you want. The account is transferrable.
Check Total wealth you can create using PO SCSS Calculator
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