- Senior Citizen Savings Scheme (SCSS)
- Tax Rebate can be saved under the Income Tax Act 1961 (Income Tax Act, 1961)
- At present, interest is getting 7.4 percent
New Delhi: Everyone’s financial health has deteriorated due to Corona. On the other hand, returns on equity and debt have come down, while on the other hand , returns on fixed deposits in banks have remained nominal. In such a situation, the situation is very bad for those who are dependent on pension only and only because these people can no longer do any other work.
That is why today we will tell you about some schemes in which returns come more than any normal savings scheme. We are talking about the Senior Citizen Savings Scheme (SCSS) of the post office. Talking about this scheme, you will get 14,28,964 rupees after 5 years at an annual interest rate of 7.4% (compounding) if you invest Rs 10 lakhs outright. Let us tell you everything about this scheme
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Senior Citizen Savings Scheme (SCSS) –
- People 60 or older can invest in these schemes, but if you have taken VRS then you can start investing at the age of 55 also. The special thing is that you also get the facility to open an account in this, as well as if you want, you can also make someone a nominee.
- To open an account, you have to give a check of 100000 rupees.
- Money can be invested in these schemes for 5 years but you can extend it for 3 years if you want.
- Senior citizens can invest up to Rs 15 lakh in savings schemes . And this amount gets an interest of 7.4 percent annually. However, this interest has to be taxed.
- Since 2007 , tax rebate is also available on these schemes under section 80C of Income Tax Act 1961 (Income Tax Act, 1961).
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