Senior Citizen Saving Scheme (SCSS) is launched by the government especially for those people whose age is more than 60 years. Apart from this, those who have taken VRS. Know its benefits here.
The biggest problem in old age is for regular income. For this, if the amount received at the time of retirement is invested in the right place, then senior citizens can easily earn good interest. There are many such schemes which give better interest guaranteed. If you are also looking for a good scheme for investment, then Senior Citizen Saving Scheme can be very helpful for you.
Senior Citizen Saving Scheme (SCSS) is launched by the government especially for those people whose age is more than 60 years. Apart from this, those who have taken VRS can also take advantage of this scheme. At present, interest is being given on this scheme at the rate of 8 percent. If you want, you can earn Rs 6 lakh in 5 years only from interest through this scheme. Know the special things related to this scheme.
You can deposit maximum up to Rs 15 lakh.
In Senior Citizen Saving Scheme, the amount is deposited in multiples of 1000. You can deposit a maximum of Rs 15,00,000 in it. The deposited amount matures after 5 years from the date of account opening. The deposited amount matures after 5 years from the date of account opening. Interest is given on the deposited amount on quarterly basis.
This is how you will get 6 lakh interest on the deposited amount
Now the question comes that how will the interest of Rs 6 lakh be earned on the deposited amount? If you deposit Rs 15 lakh in the Senior Citizen Saving Scheme, then as per the current time, you will get interest on it at the rate of 8 percent. In such a situation, if we look at the SCSS calculator, in five years you will get only Rs 6,00,000 as interest on Rs 15 lakh. You can arrange regular income for yourself by taking this amount as interest.
Benefits of this scheme
- Senior Citizens Savings Scheme is a small savings scheme supported by the Government of India, hence it is considered one of the reliable and safe options.
- Under Section 80C of the Income Tax Act, you can claim tax exemption of Rs 1.5 lakh per year by investing in this scheme.
- 8% per annum interest rate is very good from investment point of view.
- This account can be transferred anywhere across India.
- Under this scheme, interest is paid every three months. Interest is credited to your account on the first day of every April, July, October and January.
How to open account
To open this account in any post office or public / private banks, you will have to fill a form, along with two passport size photographs, copies of identity certificate and other KYC documents. The advantage of opening a bank account is that the interest deposited can be deposited directly into the depositor’s savings bank account with the bank branch. Account statements are sent to depositors through post or email.
