Post Office Senior Citizen Savings Scheme (SCSS): The post office runs many excellent profitable schemes for its customers. It has plans for people of all ages. If you also want to make a safe investment, then you have a chance to become a millionaire in just a few years.
New Delhi: Post Office Senior Citizen Savings Scheme (SCSS): The post office runs many excellent profitable schemes for its customers. It has plans for people of all ages. If you also want to make a safe investment, then you have a chance to become a millionaire in just a few years. Today we are telling you about ‘Senior Citizens Savings Scheme of Post Office’ in which you get interest at the rate of 7.4 percent. That is, with a simple investment, you can make a huge fund of Rs 14 lakh in just 5 years.
Open an account in Senior Citizen Savings Scheme
If you are retired, then the Senior Citizens Savings Scheme (SCSS) scheme running in the post office is more beneficial and better for you. It is advisable to invest your lifetime earnings in such a place which is safe and also gives profits.
Age should be 60 years to open an account in SCSS. Only people aged 60 years or more can open an account in this scheme. Apart from this, people who have taken VRS (Voluntary Retirement Scheme), those people can also open an account in this scheme.
You will get more than 14 lakhs like this in five years
If you invest a lump sum of Rs 10 lakh in the Senior Citizens Scheme, then at the rate of interest of 7.4 per cent (compounding) per annum, after 5 years i.e. on maturity, the total amount to the investors will be Rs 14,28,964. Here you are getting the benefit of Rs 4,28,964 as interest.
Account can be opened in 1000 rupees
The minimum amount to open an account in this scheme is Rs 1000. Apart from this, you cannot keep more than a maximum of Rs 15 lakh in this account. Apart from this, if your account opening amount is less than one lakh rupees, then you can also open the account by paying cash. At the same time, to open an account for more than one lakh rupees, you will have to pay a check.
What is the maturity period
The maturity period of SCSS is 5 years, but this time limit can also be extended if the investor wishes. According to the information given on the India Post website, you can extend this scheme for 3 years after maturity. To increase this, you have to apply by going to the post office.
Tax exemption
Talking about tax, if your interest amount under SCSS exceeds Rs 10,000 per annum, then your TDS starts deducting. However, investment in this scheme is exempted under section 80C of the Income Tax Act.
