Senior Citizen Savings Scheme Details: Even today, a large number of people in the country prefer to invest in risk free schemes without any risk. After retirement, it is the endeavor of every person that his life should be spent comfortably. It requires proper planning. The central government keeps on coming up with schemes for senior citizens from time to time. One of those schemes is named Senior Citizens Savings Scheme.
You can get good returns by investing in this scheme. This scheme is run by the Post Office, in which you get the option of safe investment. Only a person above 60 years of age can invest in this scheme. If you also want to get maximum returns by investing in this post office scheme, then we are giving you information about its details.
Getting higher interest rate than FD
Senior citizens can invest a minimum of Rs 1,000 in this scheme. At the same time, the maximum you can invest in this scheme is up to Rs 15 lakh. Investors get 7.6% interest rate in this scheme. Generally most of the banks are offering 6% to 7% interest rate to senior citizens. In such a situation, it offers much higher interest than FDs of banks. On the other hand, if we talk about the inflation rate in India, it is currently 7%. In such a situation, according to inflation, this scheme will help you to give great returns.
Benefits of investing in the scheme
Senior citizens get exemption under section 80C of Income Tax by investing in this scheme. You can invest money in this scheme for a maximum period of 5 years. If you want, by investing SCSS, you can extend this scheme for a period of 3 years. Along with this, the investor also gets the facility of premature closure of the account in this scheme. You can close it after 1 year but, in such case 1.5% of your deposited amount will be deducted.
On closing the account after the year, 1% of the deposit amount will be deducted. If you invest Rs 10 lakh in this scheme, then you get a return of Rs 14,28,964 after 5 years on compound interest of 7.6 percent.
In this way open an account in the post office
If you are a person above 60 years of age and want to take advantage of this scheme, then you must first go to the nearest post office of your home. There you will be given a form to open an account which you have to fill. Along with this, give two passport size photographs and Aadhar and PAN card for ID proof. After this you will open the account of Senior Citizen Savings Scheme.
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