Schemes For Senior Citizens: Indian Post Office is running a great scheme for senior citizens. Under this scheme, senior citizens can earn more than 12 lakh rupees in interest from their deposits while sitting at home. Know about this scheme in detail.
Indian Post Office Schemes: After retirement, the deposits of senior citizens are a great support for their future life. Because of this, they keep this money very carefully. After retirement, most senior citizens consider bank fixed deposits i.e. FD to be a safe option. It is quite safe but the interest rate is low. In such a situation, we are going to tell you about a scheme in which your money will be as safe as a regular bank FD but you will get a higher interest rate than FD.
Indian Post Office is running a tremendous scheme for senior citizens. Under this scheme, senior citizens can earn more than 12 lakh interest from their deposits sitting at home. The post office is running Senior Citizens Savings Scheme (SCSS) for senior citizens, in which you will get a hefty interest on the amount deposited. At present, interest is being given at the rate of 8.2 percent in Senior Citizens Savings Scheme. Know the special things related to SCSS.
What is the maximum amount you can deposit
Any senior citizen can invest up to Rs 30,00,000 in Senior Citizen Savings Scheme. At the same time, the minimum investment limit is Rs 1,000. In this scheme, interest is paid on the deposit amount on a quarterly basis. This scheme matures after 5 years. Any person whose age is 60 years or more can invest in this scheme. At the same time, civil sector government employees taking VRS and people retiring from defense are given relaxation in age limit with some conditions.
You can earn more than Rs 12 lakh from interest alone
If you want, you can earn up to Rs 12,30,000 from Senior Citizens Savings Scheme just from interest. But for this you will have to deposit a maximum of Rs 30,00,000. If you deposit Rs 30,00,000 in this scheme, then in 5 years you will get an interest of Rs 12,30,000 at the rate of 8.2 percent. That is, after 5 years you can get a maturity amount of Rs 42,30,000.
If you want to continue the benefits of this scheme even after 5 years, then you can extend the account period for three years after the deposit amount matures. It can be extended within 1 year of maturity. The extended account receives interest at the rate applicable on the date of maturity. This scheme also provides the benefit of tax exemption under section 80C.
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