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Changes made to saving scheme by the Department of Posts
Posted on: 26/Aug/2014 11:28:10 AM
The Department of Posts has recently made changes to the senior citizens savings schemes.
The postal savings schemes for senior citizens provide a high interest rate of 9.3 per cent per year. Chennai city region has nearly 53 lakh savings account-holders who have invested in various schemes. Of these, about 57,000 are depositors in senior citizens savings schemes.
In case of the death of a depositor before the maturity period, the account would be closed and the amount refunded to the nominee. If it is a joint account, the department now has made changes to the scheme to allow the spouse to continue the account.
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