This post office scheme is of great use to you. The name of this scheme is Post Office Senior Citizen Saving Scheme. The special thing about this scheme is that you get better returns on investing in it.
There are many benefits of investing in the schemes of the Indian Postal Department. Even today there is a large section in the country who likes to invest without risk free investment. Indian Post keeps on coming up with various schemes for such people. After Retirement Planning, most of the people want to invest their money in a safe place, which has negligible risk along with better returns.
In such a situation, this scheme of the Post Office is of great use to you. The name of this scheme is Post Office Senior Citizen Saving Scheme. The special thing about this scheme is that by investing in it, you get a better return (Less Investment More Return). So let us tell you the special things of this scheme-
Here are the important things related to this scheme-
- You must be above 60 years of age to invest in this scheme.
- Under this scheme, you get an interest rate of 7.4 percent.
- In this scheme, the investor can invest at least 1 thousand and maximum 5 thousand rupees.
- You can invest in this scheme for a total of 5 years.
- People having VRS (Voluntary Retirement Scheme) can also invest in it.
- By investing in this scheme, you will get exemption under section 80C of Income Tax.
You will get this much return under the scheme-
Let us tell you that by investing in this scheme, you can get returns of up to 14 lakhs in 5 years. If a senior citizen invests Rs 10 lakh in this scheme simultaneously, then after 5 years a return of Rs 14,28,964 will be given on compound interest of 7.4 percent. Later on you can extend this investment for another 3 years. At the same time, the post office allows you to close the account even before maturity. If you close the account after 1 year of opening the account, then 1.5% of the deposit amount will be deducted. At the same time, after 2 years 1% amount will be deducted.
