As far as I know Post Office offers various fixed deposit (FD) schemes, including the Senior Citizen Savings Scheme (SCSS), which is specifically designed for senior citizens. SCSS is a popular investment option for individuals aged 60 years or above. The FD interest rate in post office for senior citizen offered by the Post Office are subject to periodic revisions by the government. Let me tell you all that I know about it.
Post office FD interest rate 2022 for senior citizens
At present, the interest rate for the Senior Citizen Savings Scheme is set at 7.4% per annum (as of September 2021).
It is worth noting that the interest rates on these schemes are typically higher for senior citizens compared to regular fixed deposits.
Under the SCSS, the minimum deposit amount is Rs. 1,000, and the maximum deposit amount is capped at Rs. 15 lakh. The tenure of the scheme is five years, which can be extended for an additional three years.
Interest on SCSS is paid out quarterly and is fully taxable. Senior citizens can choose to receive interest payments directly into their savings account or opt for reinvestment. Premature withdrawal is permitted after completion of one year, subject to certain conditions and penalty charges.
It is important to keep in mind that FD rates for senior citizens in post office are subject to change from time to time, and it is advisable to verify the current interest rates and any updates by visiting the official website of India Post or contacting the nearest Post Office branch. Additionally, senior citizens may also explore FD options offered by other banks and financial institutions to compare interest rates, terms, and benefits before making investment decisions.
I hope this helps you understand FD interest rate in post office for senior citizen.
If you are in need of a home loan, then NoBroker home loans are always there to help you. Read More: Which Bank Gives Highest Interest Rate on FD? How to calculate interest on FD?Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
FD Interest Rate in Post Office for Senior Citizen?
Parul Chauhan
636 Views
1
2 Year
2023-05-26T12:12:09+00:00 2023-05-26T12:13:43+00:00Comment
Share