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Post Office Rules Changed: Withdrawal rules changed in this small savings scheme of Post Office, now you will get more benefits


Post Office Rules Changed: Withdrawal rules changed in this small savings scheme of Post Office, now you will get more benefits

Post office withdrawal rules changed: The Post Office has changed the rules for premature withdrawal in the Senior Citizens Savings Scheme (SCSS). After the introduction of new rules, investors will benefit more than before.

What is the new rule?

According to the report of Economic Times, under the new rule, if an SCSS investor withdraws money before the completion of one year of account opening period, then one percent will be deducted from the deposited amount. Earlier, if an SCSS investor withdrew money in the first year of investment, no interest was paid on the deposit. After this, the entire remaining amount was given to the account holder.

What is SCSS?

Senior Citizens Savings Scheme is a government investment scheme, which comes under the Small Savings Scheme of the Post Office. Any person who has completed 60 years of age can invest in this scheme. At the same time, a VRS taker and a retired person below 55 years of age and below 60 years of age can also open a SCSS account. At the same time, a person above 50 years of age retired from defense services can also open an account in SCSS.

This scheme can be started with a minimum investment of Rs 1000. A maximum investment of Rs 30 lakh can be made. In this, account can be opened for five years. After this it can be extended for three years. The special thing about this scheme is that by investing in it, one gets the benefit of Section 80C of Income Tax. Through this you can get a discount of up to Rs 1.5 lakh.

interest on scss

The government is giving 8.2 percent interest on SCSS. This is for the October-December period. The new interest rate of SCSS is declared every quarter by the government.



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