Senior Citizen Savings Scheme: In this scheme, senior citizens can invest a minimum of Rs 1,000. You can invest up to a maximum of Rs 15 lakh.
Senior Citizen Savings Scheme Details: Even today a large number of people in the country prefer to invest in risk free schemes. After retirement, every person tries to live a comfortable life. This requires proper planning. The central government keeps coming up with schemes for senior citizens from time to time. The name of one of those schemes is Senior Citizens Savings Scheme.
You can get good returns by investing in this scheme. This scheme is run by the Post Office Scheme, 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 scheme of post office, 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. You can invest maximum up to Rs 15 lakh in this scheme. In this scheme investors get 7.6% interest rate. Generally, most banks are offering interest rates of 6% to 7% to senior citizens. In such a situation, it offers much higher interest than the FDs of banks. If we talk about inflation rate in India, it is currently 7%. In such a situation, this scheme will help you in giving excellent returns even according to inflation.
Benefits of investing in the scheme
By investing in this scheme, senior citizens get exemption under Section 80C of Income Tax. You can invest money in this scheme for a maximum of 5 years. If you wish, you can extend this scheme for a further period of 3 years by investing in SCSS. Along with this, the investor also gets the facility to close the account prematurely in this scheme. You can close it after 1 year but, in such a situation, 1.5% of your deposited amount will be deducted.
On closing the account after one year, 1% of the deposited amount will be deducted. If you invest Rs 10 lakh in this scheme, you get a return of Rs 14,28,964 after 5 years at a compound interest of 7.6 percent.
Open account in post office like this
If you are a person above 60 years of age and want to take advantage of this scheme, then first of all go to the post office nearest to your house. There you will be given a form to fill to open an account. Along with this, give two passport size photographs and Aadhar and PAN cards for ID proof. After this you will open the account of Senior Citizen Savings Scheme.
