Kerala - Kochi   

Senior citizens savings scheme a big draw

By Our Staff Reporter

KOCHI, SEPT. 15 . The Senior Citizens Saving Scheme - 2004, launched by the Postal Department last month, is finding many takers.

A total of Rs. 10.65 crores has already been collected from more than 350 accounts of the scheme in the post offices under the Ernakulam Postal Division, including the HPO and sub-offices, according to P.G. Viswanathan, Senior Postmaster, Ernakulam HPO.

Interest rate

He said the popularity of the scheme was mainly due to the nine per cent interest offered for a maximum amount of Rs. 15 lakhs for five-year deposits.

Joint account

Senior citizens, above 60 years of age, could avail of the scheme, singly or through joint accounts with spouses.

The spouse need not be over 60 years for opening the joint account.

At the time of launching on August 2, the scheme was confined to a few select post offices but was soon extended to all offices.

Even those who have opted for VRS can avail of the scheme even if they are below 60 years, by producing a certificate from the employer regarding opting for VRS.

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