Savings Scheme

Can I open a Savings Scheme joint account?

Yes, a joint account can be opened only along with your spouse.

What is the age requirement for the second applicant of the joint account?

In case of a joint account, the age of 1st applicant is the only factor to decide eligibility for investing under the scheme. There is no age limit for the second joint account holder.

What is the share of the joint account holder in a joint deposit account?

Only the first applicant is eligible to make deposits under this scheme, so the question of a share for the joint account holder or spouse does not arise.

If the depositor does not close the account on maturity and does not extend the account for a further three years, then how will interest be calculated?

After the date of maturity, the account shall be considered matured. The current post maturity interest rate applicable to deposits under the Post Office Savings Accounts will be permissible for the period after maturity. The amount of excess interest paid (at the higher rate applicable to deposits under SCSS) after maturity shall be deducted.

Is there any Income Tax rebates or exemptions?

No Income Tax rebate is permitted under the scheme. The existing Income Tax provisions will apply.

Can 'A' open a joint account with his/her Spouse 'B' with maximum admissible deposits of Rs.15 lakh and similarly 'B' open another account individually or jointly with 'A'?

Yes, both spouses can open individual or joint accounts with each other. The maximum deposit should be up to Rs.15 Lakh each.

Do I need to open a new savings account to get interest that is credited periodically?

No such requirement is specified. You will get the due interest credited to your existing savings account.

Are multiple withdrawals permitted?

No. However, there is no limitation on opening multiple accounts within the overall ceiling limit of Rs.15 lakh.

Is any fee charged for nomination and/or change or cancellation of nomination?

No such fee is charged.