Regarding Post Office Regular POS - B Single/Joint Account and related Savings Schemes

[paras.bhalodia]

..... ... ...

 

[paras.bhalodia]

Where are all of you members? 🥺 I refreshed 10 times. 😶‍🌫️

 

[Trust Me]

....... In such a case, DICGC comes to rescue, but only for 5L per PAN.

I believe it is 5L per PAN per Bank.

.... the rest 30L in Post Office SCSS, how safe will I be?

Only an amount of 10L in Post shall be covered in DICGC of the 30L. Can we all agree the Post is safest of all, and it will be the last sinking ship in our economy?

SCSS is a Government account. So it should be equally safe irrespective of where the account is held, at a PO or elsewhere!
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[RAMESH BABU N]

If safety of your principal is priority #1, then select

1. PPF
2. SCSS
3. PMVVY

And, then consider SBI for FDs (which are called as TDR/STDR in SBI). Since you are 3 adults, split the amount in such a way that each adult is fully utilizing the DICGC limit.

 

[vine]

AFAIK , pmvvy is not being issued anymore.
SCSS with your parents names will have 5 year lock-in. Better choose a back which you already are using. It doesn't matter which bank as it's a govt scheme and most banks offer it anyway. Again, PO had only offline process.
PPF has 15 year lock-in.

 

[quino]

In such a case, DICGC comes to rescue, but only for 5L per PAN.

I believe it is 5L per PAN per Bank.

per bank yes, but it's not per PAN. it's actually per unique combination of PAN's. refer below.