You can earn in old age if you invest in this scheme of PNB

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Do you want to earn money during your old-age? There are many such schemes from government to private banks in the country that make a way of earning after retirement.

The Punjab National Bank (PNB) has one such scheme. In this scheme, you can earn by starting investment with only Rs 1000.

The name of this scheme of Punjab National Bank is Senior Citizen Saving Scheme (SCSS).

Who are eligible for the Senior Citizen Saving Scheme?

This scheme was launched in the year 2004. The age of entry in the scheme is 60 years. The age of entry is 55 years for those who retire either on their own or under a particular scheme.

How much you can invest in Senior Citizen Saving Scheme?

Talking about the investment amount, the minimum is Rs 1000. At the same time, a maximum investment of up to Rs 15 lakh can be made. Interest will be paid on this amount.

What is the duration of Senior Citizen Saving Scheme?

The duration of this scheme is 5 years, which can be extended up to 3 years. Prior to maturity, a nominal charge will have to be paid on exit from this scheme. Let me tell you that this is a tax saving scheme.

To open a Senior Citizen Saving Scheme account, you must have a savings account in PNB. After this, you can open an account by going to the bank branch.

What are the documents required for Senior Citizen Saving Scheme?

Two passport size photographs, address proof, PAN card, photo ID proof, a copy of Aadhaar card will be required.

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