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Senior Citizen Savings Scheme: In the form of a retirement fund, senior citizens have the capital they have accumulated through their hard work throughout their lives. He does not want to take any kind of risk regarding this. This is why they want to invest their hard-earned money in a place where their money is safe and they get guaranteed interest on it. Therefore most senior citizens prefer to invest in bank FD.
But if you deposit your savings in Post Office Senior Citizens Savings Scheme (SCSS) instead of bank FD for just 5 years, your money will also be 100% safe and you can get better interest rates on it. Will be able to avail benefits also. At present, interest at the rate of 8.2 percent is available in the Senior Citizens Savings Scheme. Know the special things related to SCSS.
What is the maximum amount that can be deposited
Any senior citizen can invest a maximum of Rs 30,00,000 in SCSS, while the minimum investment limit is Rs 1000. In this scheme, interest is given on the deposited amount on quarterly basis. The scheme matures after 5 years. Any person who is 60 years of age or above 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 Rs 12,30,000 just from interest
If you want, you can earn a maximum of Rs 12,30,000 from the Senior Citizen Savings Scheme only from interest. But for this you will have to deposit Rs 30,00,000 in SCSS account. If you deposit Rs 30,00,000 in this scheme, you will get 8.2 percent interest on it in 5 years. According to SCSS calculator, this interest will be Rs 12,30,000. That means after 5 years you will get the maturity amount of Rs 42,30,000.
If you want to continue the benefits of this scheme even after 5 years, then after the maturity of the deposit, you can extend the account period for three years. It can be extended within 1 year of maturity. Interest on the extended account is available at the rate applicable on the date of maturity. The benefit of tax exemption under section 80C is available in SCSS.
