adi1193/final_dataset · Datasets at Hugging Face

output stringlengths 2 216	instruction stringlengths 27 140	input stringclasses 1 value
4.0% per annum	What is the interest rate per annum on individual/joint accounts in a Post Office Savings Account?
INR 500/-	What is the minimum amount required to open a Post Office Savings Account?
A single adult, two adults (Joint A or Joint B), a guardian on behalf of a minor, a guardian on behalf of a person of unsound mind, or a minor above 10 years in their own name	Who can open a Post Office Savings Account?
No, only one account can be opened by an individual as a single account	Can an individual open multiple single accounts in their name?
The surviving holder will be the sole holder, but if the surviving holder already has a single account in their name, the joint account has to be closed	What happens to a joint account in case of death of a joint holder?
No, conversion of a single to joint account or vice versa is not allowed	Is conversion of a single to joint account or vice versa allowed?
Yes, nomination is mandatory at the time of opening a Post Office Savings Account	Is nomination mandatory at the time of opening a Post Office Savings Account?
The minor has to submit a fresh account opening form and KYC documents in their name at the concerned Post Office for conversion of the account	What happens to a minor's account when they attain majority?
Rs. 500 (subsequent deposit not less than 10 rupees)	What is the minimum deposit amount in a Post Office Savings Account?
Rs. 50	What is the minimum withdrawal amount in a Post Office Savings Account?
No, there is no maximum deposit limit	Is there a maximum deposit limit in a Post Office Savings Account?
Rs. 50 will be deducted as Account Maintenance Fee, and if the account balance becomes Nil, the account shall stand automatically closed	What happens if the account balance is not raised to Rs. 500 at the end of the financial year?
Interest is calculated on the basis of the minimum balance between the 10th of the month and the end of the month	How is interest calculated in a Post Office Savings Account?
No, interest will not be allowed in a month if the balance between the 10th and last day of the month falls below Rs. 500	Will interest be allowed in a month if the balance falls below Rs. 500?
Interest is credited in the account at the end of each Financial Year at the interest rate prescribed by the Ministry of Finance	When is interest credited in a Post Office Savings Account?
Interest will be paid up to the preceding month in which the account is closed	What happens to interest at the time of closure of a Post Office Savings Account?
Interest up to Rs. 10,000 earned in a Financial Year is exempted from taxable Income under Section 80TTA of the Income Tax Act	Is interest earned in a Post Office Savings Account taxable?
The account shall be treated as silent/dormant	What happens to an account if no deposit/withdrawal takes place for three financial years?
By submitting an application along with fresh KYC documents and passbook at the concerned Post Office	How can a silent/dormant account be revived?
Cheque book, ATM Card, e-banking/mobile banking, Aadhaar Seeding, Atal Pension Yojana (APY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Pradhan Mantri Jeevan Jeevan Jyoti Bima Yojana (PMJJBY)	What additional facilities are available on a Post Office Savings Account?
Post Office Savings Account Rules 2019	What is the rule governing Post Office Savings Accounts?
Government Savings Promotion General Rules 2018	What is the general rule governing Government Savings Promotion?
Yes, a minor above 10 years can open a Post Office Savings Account in their own name	Can a minor above 10 years open a Post Office Savings Account in their own name?
Yes, a guardian can open a Post Office Savings Account on behalf of a person of unsound mind	Can a guardian open a Post Office Savings Account on behalf of a person of unsound mind?
The surviving holder will be the sole holder	What happens to a joint account when one of the joint holders dies?
6.7% per annum (quarterly compounded)	What is the interest rate per annum for a 5-Year Post Office Recurring Deposit Account (RD)?
INR 100/- per month or any amount in multiples of INR 10/-	What is the minimum amount required to open a 5-Year Post Office Recurring Deposit Account (RD)?
No maximum limit	Is there a maximum balance that can be retained in a 5-Year Post Office Recurring Deposit Account (RD)?
A single adult, Joint Account (up to 3 adults), a guardian on behalf of minor, a guardian on behalf of person of unsound mind, or a minor above 10 years in their own name	Who can open a 5-Year Post Office Recurring Deposit Account (RD)?
Yes, any number of accounts can be opened	Can multiple accounts be opened in a 5-Year Post Office Recurring Deposit Account (RD)?
By cash/cheque, and in case of cheque, the date of deposit shall be the date of clearance of cheque	How can a 5-Year Post Office Recurring Deposit Account (RD) be opened?
Rs. 100 and above minimum in multiple of Rs. 10	What is the minimum amount for monthly deposit in a 5-Year Post Office Recurring Deposit Account (RD)?
A default is charged for each defaulted month, default @ 1 rupee shall be charged for 100 rupee denomination account (proportionate amount for other denomination)	What happens if a subsequent deposit is not made up to the prescribed day for a month?
The account becomes discontinued and can be revived within two months from 4th default	What happens if there are more than four defaults in monthly deposits?
Yes, up to 5 years in an account, with a rebate on advance deposit of at least 6 installments	Can an advance deposit be made in a 5-Year Post Office Recurring Deposit Account (RD)?
Yes, after 12 installments deposited and account is continued for 1 year, up to 50% of the balance credit in the account	Is a loan facility available in a 5-Year Post Office Recurring Deposit Account (RD)?
In one lump-sum or in equal monthly installments	How can a loan be repaid in a 5-Year Post Office Recurring Deposit Account (RD)?
Loan plus interest will be deducted from the maturity value of the RD account	What happens if a loan is not repaid till the maturity?
Yes, after 3 years from the date of account opening, by submitting prescribed application form at concerned Post Office	Can a 5-Year Post Office Recurring Deposit Account (RD) be closed prematurely?
5 years (60 monthly deposits) from the date of opening	What is the maturity period of a 5-Year Post Office Recurring Deposit Account (RD)?
Yes, for further 5 years by giving application at concerned Post Office	Can a 5-Year Post Office Recurring Deposit Account (RD) be extended?
Nominee/claimant can submit claim at concerned Post Office to get the eligible balance of such RD account	What happens to a 5-Year Post Office Recurring Deposit Account (RD) on the death of the account holder?
National Savings Recurring Deposit Account Rules 2019	What are the rules governing a 5-Year Post Office Recurring Deposit Account (RD)?
6.9%	What is the interest rate for a 1-year Post Office Time Deposit Account (TD)?
7.0%	What is the interest rate for a 2-year Post Office Time Deposit Account (TD)?
7.1%	What is the interest rate for a 3-year Post Office Time Deposit Account (TD)?
7.5%	What is the interest rate for a 5-year Post Office Time Deposit Account (TD)?
INR 1000/- and in multiple of 100	What is the minimum amount required to open a Post Office Time Deposit Account (TD)?
No maximum limit	Is there a maximum balance that can be retained in a Post Office Time Deposit Account (TD)?
A single adult, Joint Account (up to 3 adults), a guardian on behalf of minor, a guardian on behalf of person of unsound mind, or a minor above 10 years in their own name	Who can open a Post Office Time Deposit Account (TD)?
Yes, any number of accounts can be opened	Can multiple accounts be opened in a Post Office Time Deposit Account (TD)?
Interest is calculated quarterly and payable annually	How is interest calculated in a Post Office Time Deposit Account (TD)?
Yes, by submitting an application	Can interest be credited to a savings account?
Yes	Does the investment under 5-year TD qualify for the benefit of section 80C of Income Tax Act, 1961?
Deposit amount shall be repayable after expiry of 1 year, 2 year, 3 year, 5 year (as the case may be) from the date of opening	What happens to the deposit amount after maturity?
Yes, for another tenure for which account was initially opened	Can a TD account be extended?
By submitting prescribed application form at concerned Post Office along with passbook	How can a TD account be extended?
Interest rate applicable to respective TD account on the day of maturity shall be applicable to the extended period	What happens if a TD account is closed prematurely?
Yes, by submitting prescribed application form at concerned Post Office supported with acceptance letter from the pledgee	Can a TD account be pledged or transferred as security?
The President of India/Governor of the State, RBI/Scheduled Bank/Co-operative Society/Co-operative Bank, Corporation (public/private)/Govt. Company/Local Authority, Housing finance company	To whom can a TD account be pledged or transferred?
1 year, 2 year, 3 year, 5 year	What is the period for which a Post Office Time Deposit Account (TD) can be opened?
No	Can a TD account be closed before the expiry of six months from the date of deposit?
2% less than the TD interest rate for completed years, and PO Savings Interest rates for part period less than a year	What is the interest rate applicable if a 2/3/5 year TD account is prematurely closed after 1 year?
By submitting prescribed application form with passbook at concerned Post Office	How can a TD account be closed prematurely?
Qualifies for the benefit of section 80C of Income Tax Act, 1961	What is the benefit of investing in a 5-year Post Office Time Deposit Account (TD)?
Yes, within the prescribed period (6 months for 1 year TD, 12 months for 2 year TD, 18 months for 3/5 year TD)	Can a TD account be extended from the date of maturity?
Interest shall be payable annually, but no additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder	What happens to the interest if a TD account is not closed after maturity?
7.4% per annum payable monthly	What is the interest rate for a Post Office Monthly Income Scheme Account (MIS)?
INR 1000/- and in multiple of INR 1000/-	What is the minimum amount required to open a Post Office Monthly Income Scheme Account (MIS)?
INR 9 lakh	What is the maximum investment limit in a single Post Office Monthly Income Scheme Account (MIS)?
INR 15 lakh	What is the maximum investment limit in a joint Post Office Monthly Income Scheme Account (MIS)?
A single adult, Joint Account (up to 3 adults), a guardian on behalf of minor/person of unsound mind, or a minor above 10 years in their own name	Who can open a Post Office Monthly Income Scheme Account (MIS)?
Interest shall be payable on completion of a month from the date of opening and so on till maturity	How is interest calculated in a Post Office Monthly Income Scheme Account (MIS)?
Such interest shall not earn any additional interest	What happens if the interest payable every month is not claimed by the account holder?
Through auto credit into savings account standing at same post office, or ECS	How can the interest be drawn in a Post Office Monthly Income Scheme Account (MIS)?
Yes, in the hand of depositor	Is the interest taxable in a Post Office Monthly Income Scheme Account (MIS)?
No	Can a Post Office Monthly Income Scheme Account (MIS) be closed before the expiry of 1 year from the date of deposit?
A deduction equal to 2% from the principal will be deducted and remaining amount will be paid	What happens if a Post Office Monthly Income Scheme Account (MIS) is closed after 1 year and before 3 year from the date of account opening?
A deduction equal to 1% from the principal will be deducted and remaining amount will be paid	What happens if a Post Office Monthly Income Scheme Account (MIS) is closed after 3 year and before 5 year from the date of account opening?
By submitting prescribed application form with pass book at concerned Post Office	How can a Post Office Monthly Income Scheme Account (MIS) be prematurely closed?
The account may be closed and amount will be refunded to nominee/legal heirs. Interest will be paid up to the preceding month, in which refund is made	What happens to the account if the account holder dies before the maturity?
8.2% per annum	What is the interest rate for a Senior Citizen Savings Scheme (SCSS) account?
Quarterly, from the date of deposit to 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 1st April, 1st July, 1st October and 1st January	How is interest payable in a Senior Citizen Savings Scheme (SCSS) account?
INR 1000/- and in multiple of INR 1000/-	What is the minimum amount required to open a Senior Citizen Savings Scheme (SCSS) account?
INR 30 lakh	What is the maximum balance that can be retained in a Senior Citizen Savings Scheme (SCSS) account?
An individual above 60 years of age, Retired Civilian Employees above 55 years of age and below 60 years of age, Retired Defense Employees above 50 years of age and below 60 years of age, and jointly with spouse only	Who can open a Senior Citizen Savings Scheme (SCSS) account?
Yes	Can an account be opened as individual capacity or jointly with spouse?
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	What happens if excess deposit is made in a Senior Citizen Savings Scheme (SCSS) account?
Yes	Does investment under this scheme qualify for the benefit of section 80C of Income Tax Act, 1961?
Through auto credit into savings account standing at same post office, or ECS	How can interest be drawn in a Senior Citizen Savings Scheme (SCSS) account?
Yes, if total interest in all SCSS accounts exceeds Rs.50,000/- in a financial year and TDS at the prescribed rate shall be deducted from the total interest paid	Is interest taxable in a Senior Citizen Savings Scheme (SCSS) account?
Yes, any time after date of opening	Can a Senior Citizen Savings Scheme (SCSS) account be prematurely closed?
No interest will be payable and if any interest paid in account shall be recovered from principle	What happens if a Senior Citizen Savings Scheme (SCSS) account is closed before 1 year?
An amount equal to 1.5 % will be deducted from principal amount	What happens if a Senior Citizen Savings Scheme (SCSS) account is closed after 1 year but before 2 year from the date of opening?
An amount equal to 1 % will be deducted from principal amount	What happens if a Senior Citizen Savings Scheme (SCSS) account is closed after 2 year but before 5 year from the date of opening?
Yes, without any deduction	Can an extended account be closed after the expiry of one year from the date of extension of the account?
By submitting prescribed application form with passbook at concerned Post Office	How can a Senior Citizen Savings Scheme (SCSS) account be closed on maturity?
Account shall earn interest at the rate of PO Savings Account from the date of death	What happens to the account if the account holder dies before the maturity?
Yes	Can a spouse continue the account till maturity if they are eligible to open SCSS account and not have another SCSS Account?
Yes, for further period for 3 years from the date of maturity by submitting prescribed form with passbook at concerned post office	Can a Senior Citizen Savings Scheme (SCSS) account be extended?

4.0% per annum

What is the interest rate per annum on individual/joint accounts in a Post Office Savings Account?

INR 500/-

What is the minimum amount required to open a Post Office Savings Account?

A single adult, two adults (Joint A or Joint B), a guardian on behalf of a minor, a guardian on behalf of a person of unsound mind, or a minor above 10 years in their own name

Who can open a Post Office Savings Account?

No, only one account can be opened by an individual as a single account

Can an individual open multiple single accounts in their name?

The surviving holder will be the sole holder, but if the surviving holder already has a single account in their name, the joint account has to be closed

What happens to a joint account in case of death of a joint holder?

No, conversion of a single to joint account or vice versa is not allowed

Is conversion of a single to joint account or vice versa allowed?

Yes, nomination is mandatory at the time of opening a Post Office Savings Account

Is nomination mandatory at the time of opening a Post Office Savings Account?

The minor has to submit a fresh account opening form and KYC documents in their name at the concerned Post Office for conversion of the account

What happens to a minor's account when they attain majority?

Rs. 500 (subsequent deposit not less than 10 rupees)

What is the minimum deposit amount in a Post Office Savings Account?

Rs. 50

What is the minimum withdrawal amount in a Post Office Savings Account?

No, there is no maximum deposit limit

Is there a maximum deposit limit in a Post Office Savings Account?

Rs. 50 will be deducted as Account Maintenance Fee, and if the account balance becomes Nil, the account shall stand automatically closed

What happens if the account balance is not raised to Rs. 500 at the end of the financial year?

Interest is calculated on the basis of the minimum balance between the 10th of the month and the end of the month

How is interest calculated in a Post Office Savings Account?

No, interest will not be allowed in a month if the balance between the 10th and last day of the month falls below Rs. 500

Will interest be allowed in a month if the balance falls below Rs. 500?

Interest is credited in the account at the end of each Financial Year at the interest rate prescribed by the Ministry of Finance

When is interest credited in a Post Office Savings Account?

Interest will be paid up to the preceding month in which the account is closed

What happens to interest at the time of closure of a Post Office Savings Account?

Interest up to Rs. 10,000 earned in a Financial Year is exempted from taxable Income under Section 80TTA of the Income Tax Act

Is interest earned in a Post Office Savings Account taxable?

The account shall be treated as silent/dormant

What happens to an account if no deposit/withdrawal takes place for three financial years?

By submitting an application along with fresh KYC documents and passbook at the concerned Post Office

How can a silent/dormant account be revived?

Cheque book, ATM Card, e-banking/mobile banking, Aadhaar Seeding, Atal Pension Yojana (APY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Pradhan Mantri Jeevan Jeevan Jyoti Bima Yojana (PMJJBY)

What additional facilities are available on a Post Office Savings Account?

Post Office Savings Account Rules 2019

What is the rule governing Post Office Savings Accounts?

Government Savings Promotion General Rules 2018

What is the general rule governing Government Savings Promotion?

Yes, a minor above 10 years can open a Post Office Savings Account in their own name

Can a minor above 10 years open a Post Office Savings Account in their own name?

Yes, a guardian can open a Post Office Savings Account on behalf of a person of unsound mind

Can a guardian open a Post Office Savings Account on behalf of a person of unsound mind?

The surviving holder will be the sole holder

What happens to a joint account when one of the joint holders dies?

6.7% per annum (quarterly compounded)

What is the interest rate per annum for a 5-Year Post Office Recurring Deposit Account (RD)?

INR 100/- per month or any amount in multiples of INR 10/-

What is the minimum amount required to open a 5-Year Post Office Recurring Deposit Account (RD)?

No maximum limit

Is there a maximum balance that can be retained in a 5-Year Post Office Recurring Deposit Account (RD)?

A single adult, Joint Account (up to 3 adults), a guardian on behalf of minor, a guardian on behalf of person of unsound mind, or a minor above 10 years in their own name

Who can open a 5-Year Post Office Recurring Deposit Account (RD)?

Yes, any number of accounts can be opened

Can multiple accounts be opened in a 5-Year Post Office Recurring Deposit Account (RD)?

By cash/cheque, and in case of cheque, the date of deposit shall be the date of clearance of cheque

How can a 5-Year Post Office Recurring Deposit Account (RD) be opened?

Rs. 100 and above minimum in multiple of Rs. 10

What is the minimum amount for monthly deposit in a 5-Year Post Office Recurring Deposit Account (RD)?

A default is charged for each defaulted month, default @ 1 rupee shall be charged for 100 rupee denomination account (proportionate amount for other denomination)

What happens if a subsequent deposit is not made up to the prescribed day for a month?

The account becomes discontinued and can be revived within two months from 4th default

What happens if there are more than four defaults in monthly deposits?

Yes, up to 5 years in an account, with a rebate on advance deposit of at least 6 installments

Can an advance deposit be made in a 5-Year Post Office Recurring Deposit Account (RD)?

Yes, after 12 installments deposited and account is continued for 1 year, up to 50% of the balance credit in the account

Is a loan facility available in a 5-Year Post Office Recurring Deposit Account (RD)?

In one lump-sum or in equal monthly installments

How can a loan be repaid in a 5-Year Post Office Recurring Deposit Account (RD)?

Loan plus interest will be deducted from the maturity value of the RD account

What happens if a loan is not repaid till the maturity?

Yes, after 3 years from the date of account opening, by submitting prescribed application form at concerned Post Office

Can a 5-Year Post Office Recurring Deposit Account (RD) be closed prematurely?

5 years (60 monthly deposits) from the date of opening

What is the maturity period of a 5-Year Post Office Recurring Deposit Account (RD)?

Yes, for further 5 years by giving application at concerned Post Office

Can a 5-Year Post Office Recurring Deposit Account (RD) be extended?

Nominee/claimant can submit claim at concerned Post Office to get the eligible balance of such RD account

What happens to a 5-Year Post Office Recurring Deposit Account (RD) on the death of the account holder?

National Savings Recurring Deposit Account Rules 2019

What are the rules governing a 5-Year Post Office Recurring Deposit Account (RD)?

6.9%

What is the interest rate for a 1-year Post Office Time Deposit Account (TD)?

7.0%

What is the interest rate for a 2-year Post Office Time Deposit Account (TD)?

7.1%

What is the interest rate for a 3-year Post Office Time Deposit Account (TD)?

7.5%

What is the interest rate for a 5-year Post Office Time Deposit Account (TD)?

INR 1000/- and in multiple of 100

What is the minimum amount required to open a Post Office Time Deposit Account (TD)?

No maximum limit

Is there a maximum balance that can be retained in a Post Office Time Deposit Account (TD)?

A single adult, Joint Account (up to 3 adults), a guardian on behalf of minor, a guardian on behalf of person of unsound mind, or a minor above 10 years in their own name

Who can open a Post Office Time Deposit Account (TD)?

Yes, any number of accounts can be opened

Can multiple accounts be opened in a Post Office Time Deposit Account (TD)?

Interest is calculated quarterly and payable annually

How is interest calculated in a Post Office Time Deposit Account (TD)?

Yes, by submitting an application

Can interest be credited to a savings account?

Yes

Does the investment under 5-year TD qualify for the benefit of section 80C of Income Tax Act, 1961?

Deposit amount shall be repayable after expiry of 1 year, 2 year, 3 year, 5 year (as the case may be) from the date of opening

What happens to the deposit amount after maturity?

Yes, for another tenure for which account was initially opened

Can a TD account be extended?

By submitting prescribed application form at concerned Post Office along with passbook

How can a TD account be extended?

Interest rate applicable to respective TD account on the day of maturity shall be applicable to the extended period

What happens if a TD account is closed prematurely?

Yes, by submitting prescribed application form at concerned Post Office supported with acceptance letter from the pledgee

Can a TD account be pledged or transferred as security?

The President of India/Governor of the State, RBI/Scheduled Bank/Co-operative Society/Co-operative Bank, Corporation (public/private)/Govt. Company/Local Authority, Housing finance company

To whom can a TD account be pledged or transferred?

1 year, 2 year, 3 year, 5 year

What is the period for which a Post Office Time Deposit Account (TD) can be opened?

No

Can a TD account be closed before the expiry of six months from the date of deposit?

2% less than the TD interest rate for completed years, and PO Savings Interest rates for part period less than a year

What is the interest rate applicable if a 2/3/5 year TD account is prematurely closed after 1 year?

By submitting prescribed application form with passbook at concerned Post Office

How can a TD account be closed prematurely?

Qualifies for the benefit of section 80C of Income Tax Act, 1961

What is the benefit of investing in a 5-year Post Office Time Deposit Account (TD)?

Yes, within the prescribed period (6 months for 1 year TD, 12 months for 2 year TD, 18 months for 3/5 year TD)

Can a TD account be extended from the date of maturity?

Interest shall be payable annually, but no additional interest shall be payable on the amount of interest that has become due for payment but not withdrawn by the account holder

What happens to the interest if a TD account is not closed after maturity?

7.4% per annum payable monthly

What is the interest rate for a Post Office Monthly Income Scheme Account (MIS)?

INR 1000/- and in multiple of INR 1000/-

What is the minimum amount required to open a Post Office Monthly Income Scheme Account (MIS)?

INR 9 lakh

What is the maximum investment limit in a single Post Office Monthly Income Scheme Account (MIS)?

INR 15 lakh

What is the maximum investment limit in a joint Post Office Monthly Income Scheme Account (MIS)?

A single adult, Joint Account (up to 3 adults), a guardian on behalf of minor/person of unsound mind, or a minor above 10 years in their own name

Who can open a Post Office Monthly Income Scheme Account (MIS)?

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

How is interest calculated in a Post Office Monthly Income Scheme Account (MIS)?

Such interest shall not earn any additional interest

What happens if the interest payable every month is not claimed by the account holder?

Through auto credit into savings account standing at same post office, or ECS

How can the interest be drawn in a Post Office Monthly Income Scheme Account (MIS)?

Yes, in the hand of depositor

Is the interest taxable in a Post Office Monthly Income Scheme Account (MIS)?

No

Can a Post Office Monthly Income Scheme Account (MIS) be closed before the expiry of 1 year from the date of deposit?

A deduction equal to 2% from the principal will be deducted and remaining amount will be paid

What happens if a Post Office Monthly Income Scheme Account (MIS) is closed after 1 year and before 3 year from the date of account opening?

A deduction equal to 1% from the principal will be deducted and remaining amount will be paid

What happens if a Post Office Monthly Income Scheme Account (MIS) is closed after 3 year and before 5 year from the date of account opening?

By submitting prescribed application form with pass book at concerned Post Office

How can a Post Office Monthly Income Scheme Account (MIS) be prematurely closed?

The account may be closed and amount will be refunded to nominee/legal heirs. Interest will be paid up to the preceding month, in which refund is made

What happens to the account if the account holder dies before the maturity?

8.2% per annum

What is the interest rate for a Senior Citizen Savings Scheme (SCSS) account?

Quarterly, from the date of deposit to 31st March/30th Sept/31st December in the first instance & thereafter, interest shall be payable on 1st April, 1st July, 1st October and 1st January

How is interest payable in a Senior Citizen Savings Scheme (SCSS) account?

INR 1000/- and in multiple of INR 1000/-

What is the minimum amount required to open a Senior Citizen Savings Scheme (SCSS) account?

INR 30 lakh

What is the maximum balance that can be retained in a Senior Citizen Savings Scheme (SCSS) account?

An individual above 60 years of age, Retired Civilian Employees above 55 years of age and below 60 years of age, Retired Defense Employees above 50 years of age and below 60 years of age, and jointly with spouse only

Who can open a Senior Citizen Savings Scheme (SCSS) account?

Yes

Can an account be opened as individual capacity or jointly with spouse?

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

What happens if excess deposit is made in a Senior Citizen Savings Scheme (SCSS) account?

Yes

Does investment under this scheme qualify for the benefit of section 80C of Income Tax Act, 1961?

Through auto credit into savings account standing at same post office, or ECS

How can interest be drawn in a Senior Citizen Savings Scheme (SCSS) account?

Yes, if total interest in all SCSS accounts exceeds Rs.50,000/- in a financial year and TDS at the prescribed rate shall be deducted from the total interest paid

Is interest taxable in a Senior Citizen Savings Scheme (SCSS) account?

Yes, any time after date of opening

Can a Senior Citizen Savings Scheme (SCSS) account be prematurely closed?

No interest will be payable and if any interest paid in account shall be recovered from principle

What happens if a Senior Citizen Savings Scheme (SCSS) account is closed before 1 year?

An amount equal to 1.5 % will be deducted from principal amount

What happens if a Senior Citizen Savings Scheme (SCSS) account is closed after 1 year but before 2 year from the date of opening?

An amount equal to 1 % will be deducted from principal amount

What happens if a Senior Citizen Savings Scheme (SCSS) account is closed after 2 year but before 5 year from the date of opening?

Yes, without any deduction

Can an extended account be closed after the expiry of one year from the date of extension of the account?

By submitting prescribed application form with passbook at concerned Post Office

How can a Senior Citizen Savings Scheme (SCSS) account be closed on maturity?

Account shall earn interest at the rate of PO Savings Account from the date of death

What happens to the account if the account holder dies before the maturity?

Yes

Can a spouse continue the account till maturity if they are eligible to open SCSS account and not have another SCSS Account?

Yes, for further period for 3 years from the date of maturity by submitting prescribed form with passbook at concerned post office

Can a Senior Citizen Savings Scheme (SCSS) account be extended?