Senior Citizen Savings Scheme: Today we are telling you about the ‘Post Office Senior Citizen Saving Scheme’ in which you get interested at the rate of 7.4 percent. That is, with a simple investment, you can build a huge fund of 14 lakh rupees in just 5 years. Know All about this scheme here.
Post Office Scheme Senior Citizen Savings Scheme
If you are a retired person, Post Office Senior Citizen Savings Scheme (SCSS) scheme is more beneficial and better for you. The age should be 60 years to open an account in SCSS. Only people aged 60 years or above can open an account in this scheme. The best scheme of the post office! A profit of more than 14 lakhs will be obtained on just 5 years of investment
If you are in Senior Citizen Scheme Rs. 10 lakhs as a lump sum investment, at the rate of 7.4% per annum (compound growth), after 5 years i.e. at maturity, the total amount to the investor will be Rs. 14 will happen. is 28,964. Here you are getting a benefit of Rs 4,28,964 as interest.
The minimum amount to open an account in this scheme is Rs 1000. Apart from this, you cannot keep a maximum of Rs 15 lakh in this account. The maturity period of SCSS is 5 years, but this time limit can be extended if the investor wishes. Know Post Office Investment Scheme more details read images and follow official website.
Talking about tax, if your interest amount under SCSS is Rs. 10,000, then your TDS deduction starts. However, investment in this scheme is exempt under Section 80C of the Income Tax Act.