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Post Office Senior Citizen Savings Scheme: Everyone wants to save some of their hard-earned money and invest it in a place where their money is not only safe but also gives great returns. At the same time, some people start investing thinking that they will continue to get regular income in old age, so that they do not have to face financial problems. In such a situation, various savings schemes run by the post office are becoming quite popular. One of these is Post Office Senior Citizen Saving Scheme (Post Office SCSS Scheme) which is especially for senior citizens and in this, more than 8 percent annual interest is being given on investment i.e. more than bank FD.
Excellent interest of 8.2 percent
Small savings schemes are being run in different categories for every age group in the post office, in which the government itself guarantees safe investment. Talking about Post Office Senior Citizen Saving Scheme, it not only gives higher interest compared to FDs of other banks, but it also gives assurance of regular income and by investing in it, one can earn up to Rs 20,000 every month. Is. Talking about the interest rate available in POSSC, the government is offering an excellent interest rate of 8.2 percent to those investing in it from January 1, 2024.
Start investing with just Rs 1000
Post Office Senior Citizen Savings Scheme is included in the list of most preferred schemes of Post Office in terms of regular income, safe investment and tax benefits. By opening an account in this, you can start investing with a minimum of Rs 1,000. The maximum investment limit in this Senior Citizen Savings Scheme has been fixed at Rs 30 lakh. This scheme of the post office can prove to be very helpful in staying financially prosperous after retirement. In this, a joint account can be opened with any person or spouse of 60 years of age or above.
The maturity period of the scheme is 5 years
A person investing in Post Office Senior Citizen Scheme has to invest for 5 years. However, if this account is closed before this period, then as per the rules the account holder will have to pay a penalty. You can easily open your SCSS account by visiting any nearest post office. Age relaxation has also been given in some cases under this scheme. Just as the age of a person taking VRS can be more than 55 years and less than 60 years at the time of opening the account, similarly the age of retired defense personnel can be more than 50 years and less than 60 years, however, there are some restrictions for this. . Conditions have also been imposed.
Higher returns than bank FD
On one hand, 8.2 percent interest is being given on Post Office Senior Citizen Saving Scheme, on the other hand, all the banks of the country are giving only 7.00 to 7.75 percent interest to senior citizens on making FD for the same period i.e. 5 years. , are doing. If we look at the FD rates of banks, the country's largest bank SBI is giving 7.50 percent annual interest to senior citizens on five-year FD, ICICI Bank 7.50 percent, Punjab National Bank (PNB) 7 percent and HDFC Bank (HDFC Bank). . Interest of 7.50 percent.
Tax benefit up to Rs 1.5 lakh
In this scheme of the post office, the account holder also gets the benefit of tax exemption. A person investing in SCSS is given an annual tax exemption of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. There is a provision for payment of interest amount every three months in this scheme. In this, interest is paid on the 1st of every April, July, October and January. If the account holder dies before the completion of the maturity period, the account is closed and its entire amount is handed over to the nominee recorded in the documents.
In this way monthly income will be Rs 20000
As mentioned above, an investor can start investing in this government scheme with just Rs 1000 and the maximum investment that can be made in it is Rs 30 lakh. The deposit amount is decided in multiples of Rs 1000. Now if we calculate the regular income of Rs 20000 from this scheme, then at 8.2 percent interest, if a person invests around Rs 30 lakh, then he will get an annual interest of Rs 2.46 lakh and see this interest on monthly basis. So this is approximately Rs 20,000 monthly.