Senior citizen savings limit
This query is : Resolved
dilip phatak
(Querist)
23 January 2018
Senior citizens can invest Rs1500000/- in Post office Senior citizen savings account.Nationalised banks also accepts deposits upto RS 1500000/- Can one senior citizen invest in both institutions
KAVIRAJA ADDANGADI
(Expert)
24 January 2018
The typical Senior Citizen Saving Scheme (SCSS) account extends upto 5 years and upon maturity can be subsequently extended for an additional 3 years. The depositor is allowed to make one deposit into this account, an amount that is a multiple of Rs.1,000 and not extend beyond Rs.15 lakhs. SCSS accounts are robust, safe, highly targeted and a long term savings prospect. After spending a lifetime supporting others and running in the mad rat race of life, the various senior citizen saving schemes in India offer the aged folk a medium of effective savings for their twilight years.
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