Post Office SCSS: This scheme gives 8.2 percent interest annually. The maturity period in this scheme is 5 years. Deposit can be made in multiples of Rs 1000.
Post Office Senior Citizen Savings Scheme (SCSS): Post Office Small Savings Schemes have been a great investment option for senior citizens. In this, the deposit remains completely safe with guaranteed returns. Investment in these is not affected by market fluctuations. According to the post office website, this scheme gives 8.2 percent interest annually. The maturity period in this scheme is 5 years. Deposit can be made in multiples of Rs 1000. Maximum investment of Rs 30 lakh can be made in this. A lump sum investment has to be made in this.
Deposit on ₹10 lakh ₹14.10 lakh
If you invest a lump sum of Rs 5 lakh in the Senior Citizens Scheme, then at the interest rate of 8.2 per cent per annum (compounding), the total amount after 5 years i.e. on maturity will be Rs 14,10,000. Here you will get a guaranteed income of Rs 4,10,000 from interest. In this way, every quarterly interest will be Rs 20,500.
Who can open an account
Under the SCSS of the post office, a person aged 60 years or more can open an account. If someone is 55 years of age or above but less than 60 years of age and has taken VRS, then he can also open an account in SCSS. But the condition is that he will have to open this account within one month of receiving the retirement benefits and the amount deposited in it should not be more than the amount of retirement benefits.
In this scheme, the depositor can keep more than one account individually or jointly with his wife/husband. But the maximum investment limit taken together cannot exceed Rs 30 lakh.
Can extend for 3 years
Account holders can do premature closure in senior citizen savings schemes. But the post office will deduct 1.5 percent of the deposit only if the account is closed after 1 year of account opening, while 1 percent of the deposit will be deducted if it is closed after 2 years. After maturity, the account can be extended for another three years. For this, application will have to be given within one year of the maturity date.
Nomination facility is available at the time of account opening and closure. This account can be transferred from one post office to another. In this, tax deduction up to Rs 1.5 lakh can be claimed under 80C. Whereas interest income is taxed.
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