look news india
Senior Citizens Savings Scheme is a government investment scheme, which comes under the Small Savings Scheme of the Post Office. Any person who has completed 60 years of age can invest in this scheme. At the same time, VRS takers and retired persons below 55 years of age and below 60 years of age can also open SCSS account. At the same time, a person above 50 years of age retired from defense services can also open an account in SCSS.
This scheme can be started with a minimum investment of Rs 1000. A maximum investment of Rs 30 lakh can be made. In this, account can be opened for five years. After this it can be extended for three years. The special thing about this scheme is that by investing in it, one gets the benefit of Section 80C of Income Tax. Through this you can get a discount of up to Rs 1.5 lakh!
Special scheme for the elderly
Post Office SCSS is exclusively for people above 60 years of age. Also, this scheme is also for those who have taken VRS. At present 8.2 percent interest is being given on the scheme. In this scheme, senior citizens can earn Rs 10,250 every quarter on interest on lump sum deposit of Rs 5 lakh. In 5 years you will earn up to Rs 2 lakh just from interest. Let's figure it out through calculations!
scss calculation
- Lump sum deposit: Rs 5 lakh
- Deposit period: 5 years
- Interest Rate: 8.2%
- Maturity amount: Rs 7,05,000
- Interest Income: Rs 2,05,000
- Quarterly Income: Rs 10,250
Many benefits of Post Office SCSS
- This savings scheme is a small savings scheme supported by the Government of India. It is considered one of the reliable and safe options for investment.
- Under Income Tax Act section 80C, investors get the benefit of tax exemption up to Rs 1.5 lakh every year.
- It offers an interest rate of 8.2% per annum, which is much better than other investment options depending on the risk factors.
- The account of this post office scheme can be transferred to any center in the country.
- Under the scheme, interest is paid every 3 months. Interest is credited to the account on the first day of April, July, October and January every year.