Post Office Senior Citizen Savings Scheme: There are many post office schemes where you can get good returns by investing in Best Investment Plans. It is safest to invest in a post office, as it is run by the government. There are different schemes for each category. If you are also planning to invest, then the Post Office Senior Citizens Savings Scheme (Post Office SCSS) can be a good option. Only people aged 60 years or above can invest in this scheme. In this scheme you will get interest at the rate of 7.4 percent.
Who will get the benefit of the scheme
Investment in Post Office Senior Citizen Savings Scheme (SCSS Interest Rate) should be minimum age of 60 years. At the same time, those who have taken VRS (Voluntary Retirement Scheme), those people can also open an account under this scheme.
7.4 percent interest rate
In the Post Office Senior Citizen Savings Scheme, you will get 7.4% interest. You can invest a maximum of Rs 15 lakhs in this scheme. In this, husband and wife can jointly invest up to 30 lakh rupees. You can also open an account with a minimum amount of Rs 1000. There is a lock-in period of 5 years for the principal, but premature withdrawal is allowed after completion of one year after paying the fine. Apart from this, you cannot have more than 15 lakh rupees in this account. Investment in this scheme is exempt under Section 80C of the Income Tax Act.
Will get 14 lakh rupees in 5 years
If you invest a lump sum of Rs 10 lakhs under this scheme, then after 5 years at the interest rate of 7.4% per annum, at maturity, the investors will get a total amount of Rs 14,28,964. Such an investor is getting a profit of Rs 4,28,964.
How to apply
For Post Office Senior Citizen Savings Scheme, you can contact your nearest post office. Apart from this, you can also visit the official website of the post office.