Post Office Scheme: Post Office is telling about Senior Citizen Saving Account Scheme. This scheme is getting 8.2 percent interest annually. If you are a senior citizen and want to invest your money somewhere
Post Office Scheme: Post Office is telling about Senior Citizen Saving Account Scheme. This scheme is getting 8.2 percent interest annually. If you are a senior citizen and want to invest your money somewhere, where you will get good returns on your money and your money will be safe. So you can invest in this post office scheme. Today we are telling you about this scheme.
Maximum Rs 30 lakh can be invested
Under the Post Office Senior Citizens Savings Scheme, you can open an account with just Rs 1000. You can invest up to a maximum of Rs 30 lakh in this scheme. Annual interest is being received on this scheme at the rate of 8.2 percent. At the same time, the country’s largest bank SBI is giving 7.50% interest on 5-year fixed deposit (FD) to senior citizens. That is, more interest is being given in this scheme than FD.
How much interest are banks paying on 5 year FD to senior citizens?
- SBI Bank – 7.50%
- Axis Bank – 7.75%
- ICICI Bank – 7.50%
- PNB Bank – 7.00%
- HDFC Bank – 7.50%
The maturity period in all these schemes is 5 years.
The maturity period of all banks is 5 years. You have to invest in this scheme for 5 years. However, you can close the account even before 5 years, but you will have to pay a penalty for doing so.
Will get the benefit of income tax exemption
Post Office Senior Citizen Scheme is getting exemption under 80C. That is, you can get tax exemption by investing up to Rs 1.5 lakh. However, you may have to pay tax on the interest.
Interest is received every quarter
Interest is available every quarter under the scheme. Senior Citizen Savings Scheme account can be opened in any post office. After the age of 60 years or more, the account can be opened by going to the post office. However, VRS takers above 55 years but below 60 years of age can also open this account. Defense retirees above 50 years and below 60 years of age can also invest in this scheme. However, in this case the investment has to be made within 1 month of retirement.
Full calculation of investment
If you invest Rs 1 lakh in this scheme, then after 5 years you will get a total of Rs 1 lakh 50 thousand 471. Whereas, investing Rs 2 lakh will get Rs 3 lakh 943.
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