Section 5 in Senior Citizens' Savings Scheme, 2019
5. Interest on deposit.
(1)The deposit made under this Scheme shall bear interest at the rate of 8.6 per cent per annum.(2)Interest shall be payable from the date of deposit to 31st March/30th June/30th September/31stDecember on first working day of April/July/October/January, as the case may be, in the first instance and thereafter interest shall be payable on first working day of April/July/October/January as the case may be.(3)If so authorised by the account holder, interest payable on the due dates as specified in sub-paragraph (2), shall be credited to the account holder's savings account.(4)If the interest payable every quarter is not claimed by an account holder, such interest shall not earn additional interest.(5)Any amount of interest in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose, any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.(6)The excess amount referred to in sub-paragraph (3) of paragraph 4, shall carry interest at the rate applicable from time to time to the Post Office Savings Account and such interest shall be payable from the date of deposit of excess amount to the date of refund.(7)In case of an account extended after maturity under sub-paragraph (1) of paragraph 8, the deposit in such account shall earn interest at the rate applicable to the Scheme on the date of maturity.(8)Interest at the rate applicable to the Post Office Savings Account shall be payable on deposits in the account which are not extended as per provision of paragraph 8 or closed on maturity or extended maturity.(9)The interest for any period less than a quarter (as specified under the Scheme) shall be calculated as per the following formula:-Number of days in the period x Interest for the quarterTotal number of days in the quarter(10)If the interest is not claimed on the due date, it can be claimed on any date after the due date.
