FD interest rates for senior citizens in post office- Fixed Deposit is one of the best saving accounts offered by the post office. It provides a facility to deposit money only once in a secure and safe method. Senior citizens can open a fixed deposit account in any Indian Post Office. Today We are going to discuss on fixed deposit interest rates for senior citizens in post office?


Fixed Deposit interest rates for senior citizens in Post office

Name of Scheme

Interest rates 2022

Post Office Senior Citizens FD Account

7.4%


fixed deposit (FD) for senior Citizens in post office

Before checking Fixed Deposit Interest rates for senior Citizens in post office, you must have knowledge of FD account for senior citizen. What is it? let's start.

The post office SCSS account is the fixed deposit account for senior citizens above the age of 62 years. The full form of the SCSS account is the Senior Citizen savings account post office scheme. This account is designed especially for senior citizens only. Fixed deposit for senior citizens (Post Office SCSS account) comes with a period of 5 years. 

An eligible senior citizen can deposit certain money between Rs 1000 to 15 lakh into the post office SCSS account (Fixed deposit for senior citizens) for a period of 5 years. He will get a maturity amount including 7.40% annual interest.


Eligibility to open post office fixed deposit for senior citizens

The eligibility criteria to open Post office senior citizens FD account is as under-
  • An individual above 60 years of age
  • Retired Civilian Employees above 55 years of age and below 60 years of age, subject to condition that investment is made within 1 month of receipt of retirement benefits.
  • Retired Defense Employees above 50 years of age and below 60 years of age, subject to the condition that investment is made within 1 month of receipt of retirement benefits.
  • The account can be opened in an individual capacity or jointly with a spouse only.
  • The whole amount of deposit in a joint account shall be attributable to the first account holder only.

Fixed Deposit interest rates for senior citizens in post office

Senior Citizens FD account deposit limit-

  • The Minimum deposit shall be Rs. 1000 and in multiple of 1000, subject to a maximum limit up to Rs. 15 lakh in all SCSS accounts opened by an individual.
  • In case any excess deposit is made in SCSS account, the excess amount will be refunded immediately to the depositor and only PO Savings Account Interest rate will be applicable from the date of excess deposit to the date of refund.
  • Investment under this scheme qualifies for the benefit of section 80C of the Income Tax Act, 1961.

Special Features of FD Account for Senior citizens in post office

  • Account premature Closure facility is available for SCSS account (FD account for Senior citizens).
  • An eligible senior citizen can open a post office SCSS account.
  • The maturity period of SCSS account is 15 years. One year extension facility is also available as per rule.
  • Minimum account 1000/- and maximum amount 15 lakh.


FAQs

Question 01- Which is the best FD for Senior citizens?

Answer- SCSS account in Post office. It is fixed deposit account for senior citizens.

Question 02- Which is better post office FD or Bank FD?

Answer- Post Office FD is better than a bank FD because post office FD interest rate is higher than a Bank FD interest rate.

Question 03- Which bank gives highest rate of interest on FD for senior citizens?

Answer- Post office.

Question 04- What are Fixed deposit interest rates for senior citizens in post office?

Answer- 7.40%

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