Senior Citizens Savings Scheme Account: If after retirement you are looking for a scheme where your deposits are safe and you get high returns on it, then the Senior Citizen Savings Scheme of the Post Office can prove to be a superhit for you. You can earn up to ₹ 20,500 every month from interest by investing your deposits in it. You will get three benefits by investing in it.
First, your investment will be completely safe, second, you will get good interest and the third advantage is that you will also get tax benefits in this scheme. Know about this scheme in the slides below.
Get good interest
The Senior Citizen Savings Scheme of the Post Office 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 can earn interest of ₹ 20,500 every month
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. If ₹ 61,500 is divided into three parts, then it will be ₹ 20,500. In this way, every month you can earn ₹20,500 through interest only from this scheme.
How much will you earn if you deposit ₹15,00,000?
If you deposit ₹15 lakh in this scheme for 5 years, then according to the current interest rate of 8.2 percent, you will get ₹6,15,000 in 5 years only as interest. If you calculate the interest on quarterly basis, then you will get ₹30,750 interest every three months. If you calculate it on monthly basis, then you will get ₹10,250 as interest every month.
You will also get tax benefit
If an elderly person invests in this scheme, then he also gets income tax benefit. In this scheme, the benefit of tax exemption is available under section 80C.
Who can invest
Any person who is 60 years of age or above can invest. 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 scheme even after 5 years then…
If you want to continue the benefits of this scheme even after 5 years, then after the deposit amount matures, you can extend the account period for three years. It can be extended within 1 year of maturity. The extended account gets interest at the rate applicable on the date of maturity.
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