At present the returns in the scheme are also excellent. Not only this, if you invest in this scheme, you also get the benefit of tax exemption under Section 80C of Income Tax.
There are many investment options for senior citizens (Senior Citizen Scheme). But the Senior Citizen Savings Scheme (SCSS) of the Post Office is a better means for investment. Firstly, the security of investment is guaranteed in it and secondly, the returns in this scheme are also excellent at present. Not only this, if you invest in this scheme, you also get the benefit of tax exemption under Section 80C of Income Tax. It is very easy to start investing in it. You can start investing with just Rs 1000.
Account opening rules
Under this scheme of the post office, generally people above 60 years of age can open an account. Apart from this, retired defense personnel who are above 50 years and below 60 years can open an account. In this, the account can be opened either single or joint with husband or wife. In a joint account, the first account holder has control over the entire amount. If the total interest in Senior Citizen Savings Scheme exceeds Rs 50,000/- in a financial year then the interest is taxable and TDS will be deducted at the prescribed rate from the total interest paid. If Form 15G/15H is submitted and the interest earned does not exceed the prescribed limit then no TDS will be deducted.
Investment fund
According to the official website, a maximum of Rs 30 lakh can be deposited in multiples of Rs 1000 in the Post Office Senior Citizen Saving Scheme. If you deposit more money than the prescribed limit, that amount is returned to you immediately. In this, you can open Senior Citizen Savings Scheme Account of Post Office for Rs 1000. 8.20 percent interest is being offered annually on the invested amount. Let us tell you here, interest is payable on quarterly basis. If no claim is made, no extra benefit or interest is given on this interest amount.
When will the account mature
Under this scheme (Senior Citizen Savings Scheme (SCSS), the account will mature in 5 years. After this, you can close the account as per your wish. Not only this, you can also extend the account. If the maturity of the account holder In case of death, the interest rate of Post Office Savings Account will be applicable on the amount present in the account at that time. If the account is closed prematurely, then one has to go through the conditions prescribed by the Post Office.
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