Senior Citizens Savings Scheme: Post Office Senior Citizen Savings Scheme is a very good option for investment even after retirement. Investment in this scheme gets a high interest of 8.2 percent. Apart from this, tax benefits are also available in this scheme. Today we will tell you in detail about this scheme of Post Office in this article.
After retirement, lump sum money is received through EPFO or other schemes. If this money is left in the bank account, it will gradually end and there will not be much interest on it. In such a situation, we should also invest this money for more interest.
Post Office Senior Citizen Savings Scheme is very good for investment for senior citizens. This scheme also gives more interest than other schemes.
8.2 percent interest
Post Office Senior Citizen Scheme is a deposit scheme. In this, fixed amount has to be deposited for 5 years. You can invest up to Rs 30 lakh in this scheme. Currently, this scheme is giving an interest of 8.2 percent.
Now understand that if you have invested Rs 30 lakh for 5 years, then after 5 years you will get an interest of Rs 12,30,000 at the rate of 8.2 percent. This means that on maturity you will get Rs 42,30,000.
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Only senior citizens can invest
From the name of the scheme itself it is understood that only senior citizens i.e. persons above 60 years of age invest in this scheme. However, employees of civil sector and defense get exemption with some conditions.
Although this scheme matures in 5 years, but if you want to take advantage of this scheme even after 5 years, then you can extend it for three years. The interest rate will be applicable on the extended account from the date of maturity. Another feature of this scheme is that it provides the benefit of tax exemption under section 80C of the Income Tax Act.
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