Father’s day 2021: If the father is more than 60 years old, or he is about to retire, then he should give such gifts, which will keep him financially strong.
Father’s Day 2021: This year, June 20 is Father’s Day. On the occasion of Father’s Day, most of us give some gift to our father. With the passage of time, the way of giving gifts has also changed. In the digital age, most people like to gift gadgets. One thing should be seen here that if the father’s age is more than 60, or he is about to retire, then he should give such gifts, which will keep him financially strong. So that as they get older, they do not have money problem for all their important expenses. For this, the gift of some small savings can be given to the father. With this, they will also have a certain man and money will also be safe. Let’s know about 3 such financial products …
Post Office Senior Citizen Savings Scheme (SCSS)
The interest on this scheme of the post office is currently available at 7.4 percent per annum. Its maturity is of 5 years. Deposits can be made in multiples of Rs 1000. Also, the amount cannot be more than Rs 15 lakh in this. Under SCSS, an account can be opened by a person of the age of 60 years or more. If someone is 55 years or more but less than 60 years old and has taken VRS, then he can also open an account in SCSS. But the condition is that he has to open this account within one month of receiving the retirement benefits and the amount deposited in it should not exceed the amount of retirement benefits.
Under SCSS, a depositor can hold more than one account either individually or jointly with his/her spouse. But all together the maximum investment limit cannot exceed 15 lakhs.
Premature closure allowed. But the post office will deduct 1.5 percent of the deposit only on closing the account after 1 year of account opening, while after 2 years and before 5 years, 1% of the deposit will be deducted. The account can be extended for another three years after the maturity period is over. For this, the application has to be submitted within one year from the date of maturity.
Under SCSS, if your interest amount exceeds Rs 50,000 in a financial year, then your TDS starts deducting. However, investment in this scheme is exempted under section 80C of the Income Tax Act. You can save TDS by submitting Form 15G/15H.
Post Office Monthly Income Scheme (MIS)
Another scheme of post office MIS can also be a good option. One can invest in this with a minimum amount of Rs 1000. The maximum investment limit for a single account holder is Rs 4.5 lakh and for a joint Rs 9 lakh. The current interest rate on this is 6.6% per annum. This interest can be earned on a monthly basis in a savings account, which can become a lump-sum monthly income. Any number of accounts can be opened in any post office but the maximum investment will be Rs 4.5 lakhs including all MIS accounts. The maturity period of this account is 5 years. MIS account can be encashed prematurely after one year. But on premature encashment before completion of 3 years of account opening, 2% will be deducted from the deposit. At the same time, after completing 3 years, 1 percent will be deducted for doing so.
Bank Fixed Deposit (FD)
FD ie Fixed Deposit is a safe option in commercial banks. In this, you get a predetermined interest in a fixed time. If the father’s age is more than 60, then he will get more benefit in bank FD. Generally banks give higher interest on FDs to senior citizens. FD can be a good option of financial security. FD interest rates for senior citizens in SBI range from 3.40 to 6.20 per cent per annum on different maturities. In this, the option of FD is available from 7 days to 10 years.
