The old generation of the country still considers traditional investment right. This is the reason that even today the attractiveness of fixed deposit and post office schemes has not diminished. Especially for the elderly, post office schemes are a good option.
Along with the security of money, there is also a guarantee of returns. At the same time, there is a facility to double your pension in a short time. Today we will talk about one such scheme, in which senior citizens get good returns and the money invested is completely safe. This is such a scheme, in which customers will get Rs 1,14,000 every year on investment. Let us tell you about this special scheme…
Senior Citizen Saving Scheme (SCSS)
Investors get huge benefits on the Senior Citizen Saving Scheme of the Post Office. Recently, the central government has also increased the interest on this scheme. For the October-December quarter, the interest has been reduced to 7.6 per cent. The government reviews the interest every quarter. Till December, 7.6 percent interest will be available in the scheme.
Income tax benefit is also available
In the Senior Citizen Scheme of the Post Office, there is a provision of tax exemption along with good returns. Under the Income Tax Act, a deduction of up to Rs 1.5 lakh is available in section 80C. If the interest you get is more than 50,000 then you will have to pay tax on it.
What is the investment limit?
A minimum investment of Rs 1000 can be made in this scheme. After this the investment can be increased in the multiple of 1000. The maximum investment limit in the scheme is Rs 15 lakh. The maturity period is 5 years. Account holders can extend the scheme for another 3 years after maturity.
How to get Rs 1,14,000
If an investor has invested in this government scheme on the maximum limit of Rs 15 lakh, then he will get Rs 28,500 every quarter at an interest of 7.6 percent. At the same time, if we see the annual profit, then it will be Rs 1,14,000. If you look at the investment of five years, then your investment is 15 lakh rupees. But, the earning from interest only was Rs 5 lakh 70 thousand.
double benefit in joint account
If you open a joint account, then the max
imum investment limit will increase to Rs 30 lakh. After doubling the investment amount, the interest will also double to Rs 2.28 lakh.
