Senior citizens look for such investment options where their money is safe along with getting high interest. Under the Senior Citizen Saving Scheme, their money is safe because the government is responsible for managing the money, investing it and giving returns. The government has made this scheme keeping in mind the needs of senior citizens.
Post Office Senior Citizen Saving Scheme: Senior citizens look for such investment options for themselves where money is safe along with high interest. Under Senior Citizen Saving Scheme, their money remains safe because the government is responsible for managing, investing and giving returns on money. The government has made this scheme keeping in mind the needs of senior citizens. The government is offering maximum interest on this scheme. Out of the schemes being offered by the Post Office Small Saving Scheme, this is getting the highest interest. Currently, 8.2 percent interest is being given on it.
This much return will be available
If the investment limit is Rs 30 lakh and the interest rate is 8.2 percent, then on maturity of five years, a total of Rs 42.30 lakh will be available with interest of Rs 12.30 lakh. If it is calculated on an annual basis, then it is Rs 2 lakh 46 thousand. In this, Rs 20,500 will be available on a monthly basis.
Benefits of Senior Citizen Saving Scheme
You can invest money for a total of 5 years in Senior Citizen Saving Scheme. The amount invested in this scheme is getting 8.2 percent interest. In this government scheme, you can invest from Rs 1,000 to Rs 30 lakh. Talking about tax exemption, tax exemption is available on investment of Rs 1.5 lakh under Section 80C of Income Tax. If we compare it with banks, some banks are offering more than 8.2 percent interest to the customers.
You can invest a minimum of Rs 1,000
Customers above 60 years of age can invest in Senior Citizen Saving Scheme. Let us tell you that interest in this scheme is available on a quarterly basis. Whereas you get the full money only after the completion of the lock-in period of 5 years. In this scheme, customers can start investing with a minimum of Rs 1,000. Now a maximum of Rs 30 lakh can be invested in the scheme. Apart from this, in this scheme you get tax exemption under section 80C.
