Let’s tell you about such gifts, which you can give on gifts on the occasion of Mother’s Day.
Mother’s Day Financial Gifts: Today is Mother’s Day . In such a situation, you will be ready to give a gift to your mother. Most of the people in the gift like to give things like clothes, smartphone or any gadget, a showpiece, expensive watch, perfume. But it is not enough to give this gift in today’s time. If you want, you can choose such a gift, which will help in giving financial security to your mother. Let’s tell you about such gifts, which you can give on gifts on the occasion of Mother’s Day.
- Post Office Senior Citizen Savings Scheme (SCSS)
- You can open an account under your mother’s post office senior citizen savings scheme. The details of this scheme are like this…
- Annual interest 7.4%, maturity period 5 years
- Deposit can be made in multiple of 1000 rupees. Also, there can be no more than 15 lakh rupees in it.
- Under SCSS, a person 60 years of age or older can open an account. 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 getting the retirement benefits and the amount to be deposited in it should not be more than the amortization of the retirement benefits.
- Under SCSS, the depositor can also keep more than one account at the joint with individual or his wife / husband. But together with all, the maximum investment limit cannot be more than 15 lakhs.
- Premature closure allowed. But the post office will deduct 1.5% of the deposit only after closing the account after 1 year of account opening, while after closing after 2 years, 1% of the deposit will be deducted.
- After completion of the maturity period, the account can be extended for another three years. For this, application has to be given within one year of the maturity date.
- Talking about tax, if your interest amount exceeds Rs 10,000 annually under SCSS, then your TDS gets deducted. However, investment in this scheme is exempt under Section 80C of the Income Tax Act.
Post Office Monthly Income Scheme (MIS)
Another post office scheme MIS can also be a good option. It can be invested with a minimum amount of 1500 rupees. The maximum investment limit for a single account holder is Rs 4.5 lakh and Rs 9 lakh at a joint point. The current rate of interest on this is 6.6 percent per annum. This interest can be acquired on a monthly basis, which can become a lump sum monthly income.
More information can be obtained from here-
https://www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspx
Savings bank account
If you want, you can also open your mother’s Senior Citizen Savings Account in the bank. Like the post office, almost every bank has this account, although their names may be different. In this, for senior citizens, the interest on the regular savings account is slightly higher than the fixed interest.
If you want, you can also take the facility of Flexi account or Swipe in facility on this savings account. Under this, the additional amount is converted into FD when there is more than a fixed limit in the savings account. The fixed interest for FD is received on that amount. Many banks provide the facility of sweep in a regular savings account, while in some, separate savings accounts are opened for this.
