Investment Updates. Investing in the post office is considered a better option. Investing in post office savings schemes is considered safe. If you are also planning to invest and are thinking of getting more profit, then here is a scheme for you. Which only maturity of 5 years can give you 14 lakh rupees. This scheme is giving you an annual interest of 7.4%. Let us know the features and features of this scheme.
What is this post office scheme
SCSS or Senior Citizen Savings Scheme of Post Office can be beneficial for you. This scheme gives you good returns, which can make a safe investment option for you. Post Office Senior Citizen Scheme is giving 7.4 percent interest. Only investors above 60 years of age can open an account in SCSS. Whereas those who opt for VRS i.e. Voluntary Retirement Scheme can also take advantage of this scheme. A maximum investment of up to Rs 15 lakh is made in this scheme. You can also invest in this scheme with a minimum of Rs 1000.
In 5 years, you will get an amount of around 15 lakhs
In the Post Office Senior Citizens Savings Scheme, an amount of Rs 14 lakh or around 15 lakh can be received within 5 years. But for this you have to invest a lump sum of Rs 10 lakh in this scheme. After which investors will get Rs 14,28,964 on 5 years at 7.4% interest rate. In which you will get an amount of Rs 4,28,964.
Income tax exemption is also available
Under the Post Office Senior Citizens Savings Scheme, you can also extend it for three years. Under this scheme, you can apply at the post office. Tax exemption is given under this scheme. Investment in this scheme is provided tax exemption under section 80C of the Income Tax Act, 1961.
