look news india
New Delhi. After retirement, the savings of senior citizens are a big support for their future life. Because of this, they keep this money very carefully. After retirement, most senior citizens consider bank fixed deposit i.e. FD as a safe option. It is quite safe but the interest rate in it 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.
The Indian Post Office is running a great scheme for senior citizens. Under this scheme, senior citizens can earn more than 12 lakh interest on their deposits while sitting at home. The post office is running Senior Citizen Savings Scheme (SCSS) for senior citizens, in which you will get a hefty interest on the deposit 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 Savings Scheme. At the same time, the minimum investment limit is Rs 1,000. In this scheme, interest is paid on the deposited amount on a 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 those retiring from defense are given relaxation in age limit with some 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 Senior Citizen Savings Scheme just by 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 an interest of Rs 12,30,000 at the rate of 8.2 percent. That is, after 5 years you can get a maturity amount of Rs 42,30,000.
If you want to continue the benefits of this scheme even after 5 years, then you can extend the period of the account for three years after the deposit amount matures. It can be extended within 1 year of maturity. The extended account gets interest at the rate applicable on the maturity date. This scheme also provides the benefit of tax exemption under section 80C.