Senior Citizens Savings Scheme: After retirement, the elderly do not have any solid source of income. They have a lifetime capital i.e. retirement fund which they use as per their convenience and invest in various places so that their money keeps growing with time.
Most of the elderly do not like to take any kind of risk in terms of investment. They like to invest in such schemes from which they can get guaranteed returns.
For such elderly people, a scheme is run in the post office in which they are given a good amount of interest. The name of the scheme is Senior Citizen Savings Scheme. Through this scheme, if the elderly want, they can earn ₹ 12,30,000 from interest alone. Know how-
Know how much interest you are getting
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. At present, 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%. Every quarter, Rs 61,500 will be credited as interest. 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 according to 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 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 some conditions. The 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 offers the benefit of tax exemption under section 80C.
