In this scheme of post office, you will get a return of 14 lakhs in just 5 years. Post Office Senior Citizen Saving Scheme
Post Office Senior Citizen Saving Scheme | Post Office New Scheme in IPPB | Post office senior citizen scheme interest calculator 2023 | Post Office SCSS
Saving money has become very important for everyone nowadays. Our savings come in handy in bad times. If you are planning to invest your saved money and you don’t want to take any risk with the investment, then Post Office schemes are the best option for you.
Along with this, in many schemes of Post Office (Post Office), more interest than the interest received from the bank and benefits of tax exemption are also available. Similarly, Post Office has also started a similar scheme keeping in mind the senior citizens. The name of this scheme is Senior Citizen Savings Scheme. Let’s know the complete details of this plan.
Who can invest?
Senior Citizen Saving Scheme is a government savings scheme. Due to which there is no risk of any kind on the money invested in it. This post office scheme has been launched especially for the elderly. In which any person above 60 years can invest. Apart from this, people who have retired between 55 years and 60 years can also invest in it.
Interest rate of various banks
If you want to get good interest on the deposited amount then you can invest in Senior Citizen Saving Scheme of Post Office. In this scheme, you will get 7.4 percent interest, which means that in this scheme, you will get more interest than the fixed deposit of the bank. People who are 60 years or above can open this account. A VRS taker can also open an account if he is above 55 years but below 60 years. If you invest Rs 15 lakh in Senior Citizen Scheme for 5 years, you will get Rs 2,164,272 after 5 years at an interest rate of 7.4 per cent per annum. That means you will get Rs 664,272 as interest.
Duration of Scheme
Account can be closed after 5 years from the date of opening. For this one has to submit the appropriate application form along with the passbook to the respective post office. If the spouse is a joint holder or sole nominee the account can be continued till maturity, provided the spouse is eligible to open an account in the scheme and does not have any other account in it.
Which account will be opened?
An account can be opened under the Senior Citizen Scheme at any post office in the country. Opening an account under it is easy, you just have to go to the post office and fill the account form and submit it along with the Aadhaar card. If you open an account after taking VRS then you have to provide the proof.
Duration of Scheme
Account can be closed after 5 years from the date of opening. For this one has to submit the appropriate application form along with the passbook to the respective post office. If the spouse is a joint holder or sole nominee the account can be continued till maturity, provided the spouse is eligible to open an account in the scheme and does not have any other account in it.
Which account will be opened?
An account can be opened under the Senior Citizen Scheme at any post office in the country. Opening an account under it is easy, you just have to go to the post office and fill the account form and submit it along with the Aadhaar card. If you open an account after taking VRS then you have to provide the proof.
Tax benefits and many other benefits will also be available
Investment under this scheme provides benefits under Section 80C of the Income Tax Act, 1961.
The account holder can extend the account for more than 3 years from the maturity date. For this he has to deposit the appropriate form along with the passbook in the concerned post office.
Account can be extended within one year of maturity.
Eligibility to invest in the scheme
You should be above 60 years of age to invest in this scheme.
Under this scheme you get an interest rate of 8.1 percent.
Investors can invest a minimum of 1 thousand and a maximum of 5 thousand rupees in this scheme.
You can invest in this scheme for a total of 5 years.
People who are eligible for VRS (Voluntary Retirement Scheme Scheme) can also invest in this.
Investing in this scheme will get you exemption under Section 80C of Income Tax.
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