Post Office Senior Citizens Savings Scheme is offering 8.20% interest, know how much interest you will get on your investment

Post Office Senior Citizens Savings Scheme: The government is running many types of investment schemes for senior citizens, one of them is the Post Office Senior Citizens Savings Scheme. Currently, 8.20% annual interest is being given in this scheme.

You can invest a maximum of Rs 30 lakh

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 giving 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.

The maturity period is 5 years

The maturity period of this scheme is 5 years. That is, you have to invest in this scheme for 5 years. Although you can close the account even before 5 years, but you have to pay a penalty for doing so.

Penalty for closing the account before 5 years

• If interest has been paid, it will be deducted from the principal.
• Premature withdrawal after 1 year is charged at 1.5% of the deposit amount.
• Premature withdrawal after 2 years is charged at 1% of the deposit amount.
• Premature withdrawal after 1 year is charged at 1.5% of the deposit amount.

Income tax exemption is available

Investing under this scheme provides 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 received under this scheme is taxable. A joint account can also be opened under this scheme.

Any senior citizen can open an account

Any account can be opened by going to the post office after the age of 60 years or more. However, a person taking VRS who is above 55 years but below 60 years can also open this account.

Apart from this, people who have retired from Defense (Defense 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. Click here for more information about the scheme

Understand here how much you will benefit by investing in it

If you invest 1 lakh rupees in this scheme, then after 5 years you will get a total of 1 lakh 50 thousand 471 rupees. On the other hand, if you invest 2 lakh rupees, you will get 3 lakh 943 rupees. 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 if you invest so much money

Note: This calculation is based on approximate compound interest.