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High-yielding scheme for senior citizens Major features l
Single or joint account (with spouse only) can be opened. l Deposits in multiples of Rs 1000 subject to a maximum of Rs 15 lakh l Interest rate of 9 per cent per annum (taxable). l Maturity period five years, extendable by three years l Investments non-tradable and non-transferable. l Nomination facility available l NRIs and Hindu undivided families not eligible New Delhi, August 3 The new scheme, which has become operational from August 2, offers fresh hope for senior citizens in a completely secure savings instrument, especially at a time when interest rates across the board have taken a major dip. For the post offices too, the scheme may prove to be a major revenue earner and could compete with banks and other financial institutions which have been coming out with different schemes. Citizens of 60 years of age and above are eligible to invest under the scheme. In a major departure from the past, the scheme has also been made open to people who have opted for special VRS schemes and are above 55 years of age. The new scheme is in pursuance of the announcements made by Finance Minister P. Chidambaram in his Budget speech. |
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