Investment Tips: There are also many risky investments, in which there is hope of getting more returns, but there is also a lot of risk of running out of capital. Apart from this, there are also many non-risky investments, in which the risk remains negligible but their returns are limited.
Post Office: If you invest your savings somewhere after earning, good returns can be obtained on it. There are also many risky investments, in which high returns are expected, but the risk of losing capital is also high. Apart from this, there are also many non-risky investments, in which the risk remains negligible but their returns are limited. Post office savings schemes are also counted among the low-risk investment options.
Many investment schemes are being run by the post office. One of these is also the Senior Citizen Savings Scheme (SCSS). However, only people above 60 years of age can invest in this scheme. Apart from this, Retired Civilian Employees above 55 years and below 60 years of age and Retired Defense Employees above 50 years and below 60 years of age can invest in it with certain conditions.
At the same time, a minimum of Rs 1000 can be deposited in this scheme. At the same time, a maximum of Rs 15 lakh can be deposited in all SCSS accounts opened by a person.
Investment under this scheme can be availed under Section 80C of the Income Tax Act, 1961. At the same time, there is a tenure of 5 years in this scheme. After this it can also be extended for three years.
For the investment made in the October-December quarter of the financial year 2022-23, an interest rate of 7.6 percent per annum will be provided in this scheme. Interest is payable quarterly and is fully taxable. The scheme does not provide any interest on maturity. Moreover, once the investment is made, the interest rate remains the same throughout the tenure.
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