Post Office Best Plan: Post Office Senior Citizen Savings Scheme (SCSS) is a reliable and high interest rate investment scheme for senior citizens. By investing in it, you can avail regular income as well as financial security.
Post Office Best Plan: In today’s time, financial security after retirement becomes a major concern for individuals working in the private sector. To solve this problem, Post Office Senior Citizen Savings Scheme (SCSS) has been started. This scheme is run by the Central Government and provides safe and attractive returns to senior citizens.
Post Office Senior Citizen Savings Scheme
This special scheme of Post Office is run for citizens of 60 years and above. In this, investors get the benefit of higher interest rate than bank FD. Currently this scheme is providing interest at the rate of 8.2%. This interest rate is reviewed every quarter, so that it remains favorable according to the changing market conditions.
Investment limit and process
This scheme is a deposit scheme, in which the minimum investment can be started from ₹ 1,000. The maximum investment limit can be up to ₹ 30 lakh. If you invest ₹ 15 lakh, then according to the interest rate of 8.2%, the total return on maturity of 5 years is ₹ 21,15,000. On this investment, ₹ 6,15,000 can be earned only as interest in 5 years.
Investment time and extension facility
The investment period in SCSS scheme is 5 years, which you can extend for another 3 years within 1 year of maturity. This facility gives senior citizens an opportunity to take advantage of their investment for a long time.
Interest rate and return math
The specialty of this scheme is that interest is paid on the investment on a quarterly basis. If you have invested ₹15 lakh, you will get an interest of ₹30,750 every three months. This facility assures regular income after retirement.
(FAQs)
1. Who is eligible for SCSS scheme?
All Indian citizens aged 60 years and above can invest in this scheme.
2. Is this scheme a tax saving option?
Yes, investment in SCSS offers tax exemption benefits under Section 80C of the Income Tax Act.
3. Is it mandatory to close the account after maturity?
No, you can extend the account for three years after maturity.
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