SCSS: This scheme of Post Office is beneficial for senior citizens, will get 14 lakh rupees in 5 years
new Delhi. It is the biggest concern of people not to take any support in old age. For this, they invest from now on, so that their future can be protected. For such people, Post Office has come up with a great scheme named Senior Citizens Savings Scheme-SCSS. Investing in this scheme being run for 60 years of age can fetch up to 14 lakh rupees in just 5 years. This is quite a popular scheme. So how to invest in it and what are the important things related to it, let us know.
Senior Citizen Savings Scheme (SCSS)
Multiple deposits of 1000 rupees can be made in this scheme. Amount cannot exceed 15 lakh rupees in it. It gets 7.4 per cent interest annually. While the maturity period of the scheme is 5 years. People under the age of 60 years or above can open accounts under SCSS. If someone is 55 years or more and has taken VRS, then he can also open an account in SCSS. However, for this, they will have to open this account within one month of getting retirement benefits. These accounts can be opened in person or in a joint with wife. After completion of maturity period, the account can be extended for another three years. For this, application has to be submitted within one year of the maturity date. The good thing about this scheme is that it does not deduct tax.
Learn how you can earn money
If you invest a lump sum of Rs 10 lakh in the Senior Citizens Scheme, it will attract an interest rate of 7.4% annually. Accordingly, after 5 years, at the maturity, the total amount will be Rs 14,28,964. Here, you will get Rs 4,28,964 as interest. You can invest up to Rs 15 lakh in this scheme. One lakh in SCSS accounts is Rs. Cash can be deposited for less than Rs. Rs 1 lakh It is mandatory to use check / demand draft to deposit more than Rs.