What is rules of senior citizens saving scheme 2004?

Question

What is rules of senior citizens saving scheme 2004?

Answer 1

Post Office 9% FD interest max. 15lakhs.MIS is 8.5%.Likewise it is .5%more interest for senior citizens in banks.Tax is applicable on interest.TDS in bank interest, but not in P.O. interest.

Answer 2

Saving scheme for senior citizens with 9 percent interest payable quarterly at post offices/Banks. Maximum limit Rs 15.00 laks. can be opened with spouce jointly. Interest earned is taxable. If Form 15 H is submitted no deduction of income tax at source.

The accounts can be opened in different years but the maximum limit of Rs 15.00 lakhs should not be exceedeed at any point of time.