Post Office Special Scheme: On this scheme, senior citizens are getting 8.2 percent interest, whereas all the banks of the country are giving 7.00 to 7.75 percent interest to senior citizens on FD of the same tenure i.e. 5 years.
Investment in post office is considered very safe, but now post office schemes are ahead of all banks even in terms of returns with security. One such great scheme is the Post Office Senior Citizen Savings Scheme (Post Office SCSS Scheme), which is especially for senior citizens and is getting more than 8 percent annual interest on investment. In comparison, talking about FDs in banks, there senior citizens are being offered less interest than this.
Investment can start from Rs 1000.
In terms of regular income and tax exemption, this government scheme is also included in the list of most favorite schemes of the post office. By opening an account in this, you can start investing with a minimum of Rs 1,000. At the same time, the maximum investment limit in this Senior Citizens Savings Scheme has been fixed at Rs 30 lakh. This post office scheme can prove to be very helpful in staying financially prosperous after retirement. In this, a joint account can be opened with any person or spouse of the age of 60 years or more.
Maturity period of 5 years
The account holder has to invest in the Post Office Senior Citizen Saving Scheme for 5 years. On the other hand, if this account is closed before this period, then according to the rules, the account holder has to pay a penalty. You can easily open your SCSS account by visiting any nearest post office. Under this scheme, relaxation in age limit has also been given in some cases. Just as the age of a person taking VRS can be more than 55 years and less than 60 years at the time of opening the account, while retired personnel from defense can invest above 50 years and less than 60 years, however, for this there are some Conditions have also been imposed.
Better interest than these bank FDs
While 8.2 percent interest is being offered on the Post Office Senior Citizen Savings Scheme, on the other hand, 7.00 to 7.75 for all the bank senior citizens of the country for the same period i.e. 5 years FD. Offering up to 100% interest only. If you look at the FD Rates of banks, the country’s largest bank SBI (SBI) is offering 7.50 per cent on five-year FDs to senior citizens, ICICI Bank (ICICI Bank) 7.50 per cent, Punjab National Bank (PNB) 7 per cent and HDFC Bank ( HDFC Bank) is paying an annual interest of 7.50 percent.
Tax exemption is also available
In this scheme of the post office, the account holder also gets the benefit of tax exemption. The person investing in SCSS is given an annual tax exemption of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. In this scheme, there is a provision to pay the interest amount every three months. In this interest is done on the first date of every April, July, October and January month. If the account holder dies before the completion of the maturity period, then the account is closed and the entire amount is handed over to the nominee mentioned in the documents.
