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Senior citizen scheme from August
By Our Special Correspondent
NEW DELHI,
JULY 14.
The new Senior Citizens Savings Scheme, announced in the Budget, is likely to come into effect from August 1.
The scheme will be available through post offices, initially to persons above 60 years of age. The ceiling for a deposit is Rs.15 lakhs.
The deposit will carry an interest rate of 9 per cent per annum and the interest will be payable quarterly on a non-cumulative basis.
The duration of the deposit will be 5 years with facility for premature withdrawal, subject to conditions. The deposit will be non-transferable but it will have nomination facility. The interest income will be subject to tax, as per provisions of the Income-Tax Act.
The existing small savings schemes through post offices will continue. The Budget had included a provision to end the exclusivity of post offices for such schemes, which led to protests from Left parties.
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