Senior citizens will earn more than Rs 12 lakh only from interest, the deposited capital will also be 100% safe.

Indian Post Office Schemes: After retirement, the savings of senior citizens are a big support for their future life. For this reason they keep this money very carefully. After retirement, most senior citizens consider bank fixed deposit or FD as 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 Rs 12 lakh interest on their deposits sitting at home. The post office is running Senior Citizen Savings Scheme (SCSS) for senior citizens, in which you will get hefty interest on the deposited amount. At present, interest is being given at the rate of 8.2 percent in Senior Citizen 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 the Senior Citizen Saving Scheme. At the same time, the minimum investment limit is Rs 1,000. In this scheme, interest is given on the deposited amount on 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 age relaxation with certain 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 the Senior Citizen Savings Scheme only 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 interest of Rs 12,30,000 at the rate of 8.2 percent. That means after 5 years you can get the maturity amount of Rs 42,30,000.

If you want to continue the benefits of this scheme even after 5 years, you can extend the account period for three years after the deposit matures. It can be extended within 1 year of maturity. The extended account earns interest at the rate applicable on the maturity date. This scheme also provides the benefit of tax exemption under Section 80C.