Savings Scheme
- Can I open a Savings Scheme joint account?
- What is the age requirement for the second applicant of the joint account?
- What is the share of the joint account holder in a joint deposit account?
- 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?
- Is there any Income Tax rebates or exemptions?
- 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'?
- Do I need to open a new savings account to get interest that is credited periodically?
- Are multiple withdrawals permitted?
- Is any fee charged for nomination and/or change or cancellation of nomination?
Ans: Yes, a joint account can be opened only along with your spouse.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: No Income Tax rebate is permitted under the scheme. The existing Income Tax provisions will apply.
Ans: Yes, both spouses can open individual or joint accounts with each other. The maximum deposit should be up to Rs.15 Lakh each.
Ans: No such requirement is specified. You will get the due interest credited to your existing savings account.
Ans: No. However, there is no limitation on opening multiple accounts within the overall ceiling limit of Rs.15 lakh.
Ans: No such fee is charged.
