Senior Citizen Savings Scheme:Â In the Post Office Senior Citizens Savings Scheme, you can get interest of up to Rs 12,30,000, that too in just 5 years. Know how here.
Senior Citizen Savings Scheme: Senior citizens get a lot of money in lump sum on retirement. If this money is left in the bank account, it will be spent gradually. It is better that you invest this money in a scheme where you get strong profits. If such a thought is in your mind too, then you should definitely consider the Post Office Senior Citizen Savings Scheme. Elderly people are given a good interest in this scheme. Know the important things related to this scheme here.
8.2% interest is being received
Post Office Senior Citizen Savings Scheme is a deposit scheme. In this, a fixed amount is deposited for 5 years. Senior citizens can invest up to Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. Currently, SCSS is getting interest at the rate of 8.2 percent.
This is how you will get interest of ₹ 12,30,000
As we told you, you can deposit up to a maximum of Rs 30,00,000 in this scheme. If you invest this much amount in this scheme, then in 5 years you will get interest of Rs 12,30,000 at the rate of 8.2%. Every quarter, ₹ 61,500 will be credited as interest. In this way, after 5 years, you will get a total of ₹ 42,30,000 as maturity amount.
If you deposit Rs 15 lakh in this scheme for 5 years, then according to the current interest rate of 8.2 percent, you will get Rs 6,15,000 in 5 years only as interest. If you calculate the interest on quarterly basis, then you will get Rs 30,750 interest every three months. In this way, by adding Rs 15,00,000 and the interest amount of Rs 6,15,000, you will get a total of Rs 21,15,000 as maturity amount.
Who can invest
Any person whose age is 60 years or more can invest. On the other hand, civil sector government employees taking VRS and people retiring from defense are given relaxation in age limit with some conditions. The scheme matures after 5 years. If you want to continue the benefits of this scheme even after 5 years, then you can extend the account period for three years after the deposit amount matures. It can be extended within 1 year of maturity. The extended account receives interest at the rate applicable on the date of maturity. SCSS offers tax exemption under section 80C.
