look news india
Senior Citizen Savings Scheme: Everyone wants to save some part of their hard-earned money and invest it in a place where their money is safe and they get excellent returns. At the same time, some people start investing thinking that they will have regular income in old age, so that they do not have to face financial problems. In such a situation, various savings schemes run by the post office are becoming quite popular. One of these is Post Office Senior Citizen Saving Scheme (Post Office SCSS Scheme), which is especially for senior citizens and in this, more than 8 percent annual interest is being given on investment, i.e. more than bank FD.
Great interest of 8.2 percent
Small savings schemes are being run in different categories for every age group in the post office, in which the government itself guarantees safe investment. Talking about Post Office Senior Citizen Savings Scheme, it not only gives more interest than the FDs of all banks, but it also ensures regular income and by investing in it, one can earn up to Rs 20,000 every month. Talking about the interest rate available in POSSC, the government is offering an excellent interest rate of 8.2 percent to those investing in it from January 1, 2024.
Start investing with just Rs 1000
Post Office Senior Citizen Savings Scheme is also included in the list of Post Office's most preferred schemes in terms of regular income, safe investment and tax exemption. By opening an account in this, you can start investing with a minimum of Rs 1,000. At the same time, the maximum investment limit in this Senior Citizen Savings Scheme has been fixed at Rs 30 lakh. This scheme of the post office can prove to be very helpful in staying financially prosperous after retirement. In this, a joint account can be opened with any person or spouse of 60 years of age or above.
The maturity period of the scheme is 5 years
The investor has to invest for 5 years in the Post Office Senior Citizen Scheme. However, if this account is closed before this period, then as per the rules the account holder has to pay a penalty. You can easily open your SCSS account by going to any nearest post office. Under this scheme, age relaxation has also been given in some cases. Like the age of a person taking VRS can be more than 55 years and less than 60 years at the time of opening the account, whereas retired defense personnel can invest at the age of more than 50 years and less than 60 years, although there are some conditions for this. Have also been kept.
Higher returns from bank FD
While on one hand 8.2 percent interest is being offered on Post Office Senior Citizen Saving Scheme, on the other hand all the banks of the country are offering only 7.00 to 7.75 percent interest to senior citizens on making FD for the same period i.e. 5 years. If we look at the FD rates of banks, the country's largest bank SBI is giving 7.50 percent annual interest to senior citizens on five-year FD, ICICI Bank is giving 7.50 percent, Punjab National Bank (PNB) is giving 7 percent and HDFC Bank is giving 7.50 percent interest. Used to be.
Tax benefit up to Rs 1.5 lakh
In this scheme of the post office, the account holder also gets the benefit of tax exemption. A person investing in SCSS is given an annual tax exemption of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. There is a provision to pay interest amount every three months in this scheme. In this, interest is given on the 1st of every April, July, October and January. If the account holder dies before the end of the maturity period, the account is closed and its entire amount is handed over to the nominee recorded in the documents.
This way you will earn Rs 20,000 every month
As mentioned above, an investor can start investing in this government scheme with just Rs 1000 and a maximum investment of Rs 30 lakh can be made in it. The deposit amount is decided in multiples of 1000. Now if we look at the calculation of earning Rs 20,000 regularly from this scheme, then according to the interest rate of 8.2 percent, if a person invests around Rs 30 lakh, then he will get an interest of Rs 2.46 lakh annually and if this interest is calculated on monthly basis. If you do this, it will come to around Rs 20,000 per month.