Post Office Saving Account: Senior Citizen Account Vs PPF Account

The postal system of the country offers nine saving schemes with different rates of interest. These savings schemes includes savings account, recurring deposit account, time deposit account, monthly income scheme account, senior citizen savings scheme, public provident fund account, national savings certificates, Kisan Vikas Patra and Sukanya Samriddhi accounts, as mentioned on the official website of India Post.

An individual of the age of 60 years or more can open senior citizen savings account. Sukanya Samriddhi account can be opened by a legal guardian in the name of a girl child. The return depends on the selection of scheme and the maturity period, also known as tenure.

Post office senior citizen savings account

Post office senior citizen savings account (SCSS) can be opened by a person of 60 years or above. A person of the age of 55 years or more yet under 60 years who has resigned on superannuation or under VRS (Voluntary Retirement Scheme) can likewise open record subject to the condition that the record is opened inside multi month of receipt of retirement advantages and sum ought not surpass the measure of retirement benefits. 

The mail station pays a financing cost of 8.3 for each penny on stores on the senior resident bank account. There can be just a single store in the record in different of Rs. 1,000 where the most extreme sum must not surpass Rs. 15 lakh, as indicated by India Post's legitimate site indiapost.gov.in.

Post office public provident fund account

Post office public provident fund account can be opened by a person with Rs. 100 however he/she should store at least Rs. 500 out of a money related year and greatest of Rs. 1,50,000. Stores can be made in single amount or in 12 portions. The PPF account gets a financing cost of 7.6 for each penny. Development period is 15 years however the same can be stretched out inside one year of development for facilitate 5 years et cetera.

Post office national savings certificates account

The national savings certificates account gets a loan fee of 7.6 for each penny. The intrigue is intensified every year and payable at development. The base sum required for opening of record is Rs. 100. Stores must be made in the products of Rs. 100 as it were. There is no greatest breaking point specified here, said India Post. Stores meet all requirements for charge refund under Sec. 80C of IT Act.

Post office Sukanya Samriddhi account

Sukanya Samriddhi account can be opened by a legitimate gatekeeper for the sake of a young lady tyke. A Sukanya Samriddhi conspire account brings a financing cost of 8.1 for each penny. Loan costs are aggravated yearly. 

For a money related year, the base sum that can be kept in this record is Rs. 1,000. The greatest sum that can be stored is Rs. 1,50,000. Stores can be made in singular amount. There is no restriction on number of stores either in multi month or in a monetary year, said India Post.