Post Office Monthly Income Scheme (Pomis) and Senior Citizens Savings Scheme (SCSS) are post offices scheme suitable for senior citizens. But unlike Pomis, which can be opened individually, jointly by two or three adults and also a minor through a guardian, you can open an SCSS account either as an individual or jointly only with your spouse.
You can open an SCSS account if you are 60 years old but your spouse can be younger or older if it’s a joint account and you are the first account holder/depositor. If you have retired on superannuation or under a voluntary or special voluntary scheme, then you can invest if you are 55 years old.
Even if you open a joint account with your spouse, keep in mind that the funds which are invested are attributed to the first account holder/depositor. The second account holder does not have a share in the funds.
Both you and your spouse can open separate individual accounts and have the other as the joint account holder. Each account can have a limit of Rs 15 lakh. The minimum amount you can deposit is Rs 1,000.
You can earn an interest rate of 9% per annum, payable quaterly, in SCSS.
What happens when the first holder/depositor dies?
In case you are the first account holder in a joint account and you pass away, then your spouse will be able to continue with the account, provided the account continues on the same terms and conditions, according to SCSS rules. But keep in mind that in case your spouse (second account holder) has a separate (individual) account and if the amount in her individual account and the joint account crosses the maximum limit, then the extra amount will be refunded.
What about nominations?
You can appoint nominees on a joint account. The joint account holder (your spouse) will be the first person entitled to receive the due amount. The nominee will be able to claim the funds only when both you and your spouse are no more.
You can choose to make more than one nomination. Though it’s better to make a nomination while opening the account, you can make it later, too. You can also change your nomination or cancel an existing nomination on your account. You do not need to pay to make, cancel or change the nomination.