Many types of schemes are run by the Post Office. The post office runs these schemes keeping in mind the people of all ages, so that the youth to the senior citizens can benefit.
Today we will tell you about a special scheme of the post office, in which you will get Rs 14 lakh in just 5 years. You can easily become a millionaire through this scheme. Let me tell you how-
You can easily create a fund of 14 lakhs through the Post Office Senior Citizen Savings Scheme. Investors get interest at the rate of 7.4 percent in the Senior Citizens Savings Scheme of the Post Office.
Who can open the account-
>> Your age limit should be 60 years to open an account in Senior Citizens Savings Scheme.
>> Only people of 60 years of age or more can open an account in this scheme.
>> Apart from this, individuals taking voluntary retirement can also invest in this scheme.
>> The maturity period of Senior Citizen Savings Scheme is 5 years, but you can extend it.
>> Under this scheme, you can open an account with as low as Rs.1,000.
According to the India Post website, after maturity, you can extend this scheme for 3 years. To extend the period after maturity, the account holder will have to apply for it by visiting the post office.
How to get 14 lakh rupees
If you invest a lump sum of Rs 10 lakh in the Senior Citizens Scheme, then at the rate of interest of 7.4 per cent (compounding) per annum, after 5 years i.e. on maturity, the total amount to the investors will be Rs 14,28,964. Here you are getting the benefit of Rs 4,28,964 as interest.
Get the benefit of tax exemption
TDS will be deducted on receipt of interest of Rs 10,000 or more under this scheme. However, the amount invested in Senior Citizen Savings Scheme is exempted under Section 80C of the Income Tax Act, 1961.
You can open a joint account
Under SCSS, a depositor can hold more than one account either individually or jointly with his/her spouse. But all together the maximum investment limit cannot exceed 15 lakhs. Nomination facility is available at the time of account opening and closing.
