Post Office Scheme: Post Office is telling about Senior Citizens Savings Scheme. 8.2% annual interest is being received in this scheme. If you are a senior citizen and want to invest your money somewhere where you get good returns on your money and your money is also safe, then you can invest in this scheme. Today we are telling you about this scheme.
Maximum Rs 30 lakh can be invested
Under the Post Office Senior Citizens Savings Scheme, an account can be opened for just Rs 1000. You can invest a maximum of Rs 30 lakh in this scheme. This scheme is getting 8.2% annual interest. At the same time, the country’s largest bank SBI is giving 7.50% interest to senior citizens on 5-year Fixed Deposit (FD). That is, more interest is being given in this scheme than FD.
How much interest are banks paying to senior citizens on 5-year FD?
SBI Bank – 7.50%
Axis Bank – 7.75%
ICICI Bank – 7.50%
PNB Bank – 7.00%
HDFC Bank – 7.50%
Maturity period remains for 5 years
The maturity period of this scheme is of 5 years. That is, you would have to invest in this scheme for 5 years. Although you can close the account even before 5 years, but you have to pay penalty for doing so.
Penalty for closing the account before 5 years
- No interest will be paid for premature withdrawal within 1 year of account opening.
- Premature withdrawal after 1 year is charged at 1.5% of the deposit amount.
- If interest has been paid, it will be deducted from the principal amount.
- After 2 years, 1% amount is deducted on premature withdrawal.
Get the benefit of income tax exemption
Investing under this scheme gives the benefit of tax exemption under section 80C of the Income Tax Act. That is, by investing up to Rs 1.5 lakh in it, you can claim tax exemption on this amount. However, the interest earned under this scheme is taxable. Joint account can also be opened under this scheme.
Interest is received on a quarterly basis
Interest under this scheme is available on a quarterly basis and is credited on the first working day of April, July, October and January. Senior Citizens Savings Scheme account can be opened in any post office.
Any senior citizen can open an account
After the age of 60 years or more, the account can be opened by going to the post office. However, a person taking VRS who is more than 55 years but less than 60 years can also open this account.
Apart from this, people who have retired from Defense (Defence Department) above 50 years and below 60 years of age can also invest in this scheme. However, in this situation the investment has to be made within 1 month of retirement.
Understand here how much you will benefit by investing in it
If you invest Rs 1 lakh in this scheme, then after 5 years you will get a total of Rs 1 lakh 50 thousand 471. On the other hand, investing Rs 2 lakh will get Rs 3 lakh 943. See here how much money you will get after 5 years by investing how much money…
How much money will you get after 5 years after investing how much money
Investment How much will you get after 5 years
100000 150471
200000 3 lakh 943 rupees
500000 7 lakh 52 thousand 359 rupees
1000000 15 lakh 4 thousand 718 rupees
2000000 30 lakh 9 thousand 434 rupees
3000000 45 lakh 14 thousand 154 rupees
Note: This calculation has been done on the basis of approximate compound interest.
