The Post Office’s many minor savings programmes are particularly popular among older persons. The Post Office provides Time Deposit/Fixed Deposit (TD), Monthly Income Scheme (MIS), Recurring Deposit (RD), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme (SCSS), and Public Provident Fund (PPF) programmes for the elderly. Senior citizens can also open a savings account at the Post Office.
Post Office Schemes for Senior Citizens
Kisan Vikas Patra (KVP)
Senior citizens can close their KVP accounts only after two years and six months after opening their accounts.
Senior Citizens Savings Scheme (SCSS)
Senior citizens have the option of closing their SCSS accounts at any time. Premature closure costs at stipulated rates, according to information presented on the Post Office website.
Public Provident Fund (PPF)
According to the Post Office website, senior citizens can cancel their PPF accounts after 5 years and only in cases of severe sickness, further education, or gaining NRI status.
Post Office Monthly Income Scheme (POMIS)
Senior citizens can close their POMIS accounts after one year. There is also a cost for premature closure that they must pay.
Post Office Recurring Deposit (RD)
Senior citizens can close their Post Office RD accounts after three years. According to the Post Office website, in the event of a premature shutdown, only the Savings Account interest rate will be permitted.
National Savings Certificate (NSC)
Senior citizens cannot normally close their NSC accounts. According to the Post Office website, premature closure is only permissible in cases of death and insolvency.
Post Office Time Deposit/Fixed Deposit
Senior individuals can close their Post Office Time Deposit/Fixed Deposit accounts after 6 months after starting the account. There is also a cost for premature closure that they must pay.
Post Office Savings Accounts (POSA)
Senior persons can close their Post Office Savings Accounts (POSA) at any time. According to the Post Office website, there is no early encashment condition.
