Post Details

(i) A single adult

(ii) Joint Account (up to 3 adults) (Joint A or Joint B)

(iii) A guardian on behalf of minor/ person of unsound mind

(i) An individual above 60 years of age.

(ii) Retired Civilian Employees above 55 years of age and below 60 years of age, subject to condition that investment to be made within 1 month of receipt of retirement benefits.

(iii) Retired Defense Employees above 50 years of age and below 60 years of age, subject to condition that investment to be made within 1 month of receipt of retirement benefits.

(iv) Account can be opened as individual capacity or jointly with spouse only.

(i) Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 100.

(ii) A maximum of Rs. 4.50 lakh can be deposited in a single account and 9 lakh in Joint account.

(iii) In a joint account, all the joint holders shall have equal share in investment.

(iv) Deposits/shares in all MIS accounts opened by an individual shall not exceed Rs. 4.50 lakh.

(i) Minimum deposit shall be Rs. 1000 and in multiple of 1000, subject to maximum limit up to Rs. 15 lakh in all SCSS accounts opened by an individual.

(i) Interest is payable monthly at the rate of 6.6% per annum.

(ii) Interest shall be payable on completion of a month from the date of opening and so on till maturity.

(iii) If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.

(iv) In case any excess deposit made by the depositor, the excess deposit will be refunded back and only PO Savings Account interest will be applicable from the date of opening of account to the date of refund.

(v) Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of MIS account at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post Offices.

(i) Interest is payable quarterly at 31st March/30th June/30th September/31st December at the rate of 7.4% per annum .

(ii) If the interest payable every quarter is not claimed by an account holder, such interest shall not earn additional interest.

(iii) Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of SCSS account at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post Offices.

(i) In case of death of account holder, from the date of death, account shall earn interest at the rate of PO Savings Account.

(i) No deposit shall be withdrawn before the expiry of 1 year from the date of deposit.

(ii) If account is closed after 1 year and before 3 year from the date of account opening, a deduction equal to 2% from the principal will be deducted and remaining amount will be paid.

(iii) If account closed after 3 year and before 5 year from the date of account opening, a deduction equal to 1% from the principal will be deducted and remaining amount will be paid.

(iv) Account can be prematurely closed by submitting prescribed application form with pass book at concerned Post Office. 

(i) Account can be prematurely closed any time after date of opening.

(ii) If account closed before 1 year, no interest will be payable and if any interest paid in account shall be recovered from principle.

(iii) If account closed after 1 year but before 2 year from the date of opening, an amount equal to 1.5 % will be deducted from principal amount.

(iv) If account closed after 2 year but before 5 year from the date of opening, an amount equal to 1 % will be deducted from principal amount.

(i) Interest income is taxable.

(ii) No deduction under section 80C of Income Tax for amount invested.

(i) Account holder may extend the account for further period for 3 years from the date of maturity by submitting prescribed form with passbook at concerned post office.

(ii) Account can be extended within 1 year of maturity.

(iii) Extended account shall earn interest at the rate applicable on the date of maturity.