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Senior Citizen Savings Scheme: Senior citizens get a lump sum amount on retirement. If this money is kept in a bank account, it will be spent slowly. It is better that you invest this money in a scheme where you get strong profits. If you also have such a thought in your mind, then you should definitely consider the Senior Citizen Savings Scheme of the Post Office. In this scheme, good interest is given to the elderly. Know the important things related to this scheme here.
Getting 8.2% interest
Post Office Senior Citizen Savings Scheme is a deposit scheme. In this, a fixed amount is deposited for 5 years. Senior citizens can invest up to Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. Currently, SCSS is getting interest at the rate of 8.2 percent.
This way you will get interest of ₹ 12,30,000
As we told you, you can deposit a maximum of Rs 30,00,000 in this scheme. If you invest this amount in this scheme, then in 5 years you will get an interest of Rs 12,30,000 at the rate of 8.2%. Rs 61,500 will be deposited as interest every quarter. In this way, after 5 years you will get a total of Rs 42,30,000 as maturity amount.
If you deposit Rs 15 lakh in this scheme for 5 years, then at the current interest rate of 8.2 percent, you will get Rs 6,15,000 in 5 years as interest only. If you calculate the interest on a quarterly basis, then you will get Rs 30,750 interest every three months. In this way, by adding Rs 15,00,000 and the interest amount of Rs 6,15,000, you will get a total of Rs 21,15,000 as maturity amount.
Who can invest?
Any person who is 60 years of age or above can invest. Civil sector government employees taking VRS and those retiring from defense are given relaxation in age limit with certain conditions. This scheme matures after 5 years. If you want to continue the benefits of this scheme even after 5 years, then after the deposit amount matures, you can extend the account period for three years. It can be extended within 1 year of maturity. The extended account gets interest at the rate applicable on the date of maturity. SCSS provides tax exemption under section 80C.
