look news india
News India Live, Digital Desk: Government Savings Scheme: We are talking about the ‘Senior Citizen Savings Scheme’ (SCSS), which is especially designed for senior citizens. This scheme is available in banks and post offices. Investing in it is not only safe, because it is a government scheme, but it also gets interest rates fantastic. This scheme is a very good medium for pensioners or retired persons to earn regular income on their deposit.
The biggest advantage of this scheme is that you get good interest in it. Currently, the annual interest rate in SCSS is 8.2 percent, which is more than many other schemes. If a senior citizens invest ₹ 50 lakh in this scheme, then they will get a total amount of ₹ 70.5 lakh after five years according to the interest rate of 8.2 percent. That is, a bumper interest of ₹ 20.5 lakh will be available on their invested ₹ 50 lakh. And this amount will be deposited in their bank account every three months, which will keep their regular earnings.
This scheme not only gives you better returns, but also gives the benefit of tax exemption in it. Under Section 80C of the Income Tax Act, there is a tax exemption on investment of up to ₹ 1.5 lakh. So if you are also looking for a safe, good interest rate and regular income option, then SCSS is a great option for senior citizens. It provides them with financial security as well as peace of mind.