Post Office Senior Citizen Savings Scheme: In this scheme of Post Office, not only you get more than 8 percent interest, but regular income is also arranged every month. The government itself guarantees security on investment.
Everyone wants to save some of their hard-earned money and invest it in a place where their money is not only safe but also gets excellent returns. At the same time, some people start investing thinking that they will have a regular income in old age, so that they do not have to face financial problems. In these cases, various saving schemes run by the post office are becoming very popular. One of these is Post Office Senior Citizen Saving Scheme (Post Office SCSS Scheme), which is especially for senior citizens and in this, more than 8 percent annual interest is being given on investment i.e. more than bank FD.
Excellent interest of 8.2 percent
Small savings schemes are being run in different categories for every age group in the Post Office, in which the government itself guarantees safe investment. Talking about Post Office Senior Citizen Savings Scheme, it not only gives higher interest as compared to FD in other banks, but regular income is also assured in it and by investing in it, one can earn up to Rs 20,000 per month. Is. Talking about the interest rate available in POSSC, the government is offering an excellent 8.2 percent interest rate to those investing in it from January 1, 2024.
Start investing with just Rs 1000
In terms of regular income, safe investment and tax benefits, Post Office Senior Citizen Savings Scheme is included in the list of most favorite schemes of Post Office. By opening an account in this, you can start investing with a minimum of Rs 1,000. The maximum investment limit in this Senior Citizens Saving Scheme has been fixed at Rs 30 lakh. This post office scheme can prove to be very helpful in staying financially prosperous after retirement. In this, a joint account can be opened with any person or spouse of 60 years of age or above.
Maturity period of the scheme is 5 years
The person investing in Post Office Senior Citizen Scheme has to invest for 5 years. However, if this account is closed before this period, then as per the rules the account holder has to pay a penalty. You can easily open your SCSS account by going to any nearest post office. Under this scheme, age relaxation has also been given in some cases. Just as the age of a person taking VRS can be more than 55 years and less than 60 years at the time of opening the account, the age of retired defense personnel can be more than 50 years and less than 60 years, however, there are some restrictions for this. Conditions have also been imposed.
Higher returns than bank FD
On one hand, 8.2 percent interest is being offered on Post Office Senior Citizen Saving Scheme, on the other hand, all the banks of the country are offering only 7.00 to 7.75 percent interest to senior citizens on making FD for the same period i.e. 5 years. are doing. If we look at the FD rates of banks, the country’s largest bank SBI offers 7.50 percent on five-year FD to senior citizens, ICICI Bank 7.50 percent, Punjab National Bank (PNB) 7 percent and HDFC Bank ( HDFC Bank) is giving annual interest of 7.50 percent.
Tax benefits up to Rs 1.5 lakh
In this scheme of Post Office, the account holder also gets the benefit of tax exemption. A person investing in SCSS is given an annual tax exemption of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. In this scheme, there is a provision for payment of interest amount every three months. In this, interest is paid on the first day of every April, July, October and January. If the account holder dies before the completion of the maturity period, then the account is closed and its entire amount is handed over to the nominee recorded in the documents.
This way the monthly income will be Rs 20000
As mentioned above, an investor can start investing just Rs 1000 in this government scheme and a maximum of Rs 30 lakh can be invested in it. The deposit amount is decided in multiples of Rs 1000. Now if we look at the calculation of regular earning of Rs 20000 from this scheme, then at 8.2 percent interest, if a person invests about Rs 30 lakh, then he will get an annual interest of Rs 2.46 lakh and see this interest on a monthly basis. So it is around Rs 20,000 monthly.
