What is SCSS: There are many great schemes of Post Office, on the basis of which you can get good returns on your investment. Today we tell you about one such policy of Post Office, on the basis of which money can be doubled.
Post Office Senior Citizen Savings Scheme: Everyone wants to get maximum returns on investment and the money should also be completely safe. Excellent returns are given in many schemes of Post Office. One such scheme of Post Office is named Senior Citizen Savings Scheme (SCSS). It has become a responsible investment category in the country whose target is to provide social security to the elderly. Therefore, it has been specially designed with the intention of meeting the needs of the elderly. This is the right option for such people, who want to double their investment in a short time along with being safe. Let’s see how this scheme works and what are its benefits?
What is Senior Citizen Saving Scheme?
This scheme was started in the year 2004. Senior Citizen Saving Scheme is for Indian citizens aged 60 years and above. People below 60 years of age can also apply under this scheme. But the condition for that is that they have retired from their government job before the prescribed age. SCSS is liked among the people due to the interest rate it offers. The current interest rate on it is 8.2%. This interest rate makes this scheme one of the higher return schemes offered in small savings scheme in recent times.
What is special in the scheme?
Any person can invest in this scheme for any period as per his wish. However, when the investor tells his time limit, there is a convenience that the rate will remain stable for that time and there will be no change in that rate till the expiry of the time limit. Along with the interest rate of 8.2%, it also provides tax benefit under section 80C. The interest is reviewed on a quarterly basis.
What is the investment limit?
Any person above 60 years of age is eligible to invest in SCSS. Retiree persons aged 50-55 years will have to deposit their financial retirement benefits in the account. In this, they will have to invest in the same month in which they have retired. Under the National SCSS, you can invest between a minimum of Rs 1,000 to Rs 30 lakh.
Tenure
Under this, you can invest for a period of five years. A single extension of up to three years is also possible. Through this, investors can get better returns on their deposited amount. Under Section 80C of the Income Tax Act, 1961, SCSS is tax deductible for investment up to Rs 1.5 lakh. However, the interest received on it is fully taxable. If this interest exceeds Rs 50,000 during a financial year, then your TDS will be deducted.
Related Articles:
Bank FD Rates: These banks are offering 9.5% interest on fixed deposits, check FD details
PAN 2.0 Apply: How can you get a new PAN from the income tax website, check the step by step process
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
