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Senior Citizen Scheme
What is Senior Citizen Scheme
The minimum investment is Rs.1000 and in multiples of Rs.1000 subject to a maximum of Rs.15 lakh. Citizens of 60 years of age and above are eligible to invest. Single or joint account (with spouse only) can be opened. Citizens who have retired under a voluntary or a special voluntary retirement scheme and have attained the age of 55 years are also eligible, subject to specified conditions. In case of death of the depositor before maturity, the account shall be closed and deposit refunded without any deduction along with interest. The deposit will carry an interest of 9% per annum (taxable). The maturity period of the deposit will be five years, extendable by another three years. Premature withdrawal after a period of one year will be allowed, subject to some deductions i.e 1.5 % till two years and 1% after two years. The investments in the scheme will be non-tradable and non-transferable. However, nomination facility will be available. Non-Resident Indians and Hindu Undivided Families are not eligible to invest in the scheme. Returns Advantages How to Start Post office Senior Citizens
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