The biggest problem in old age is for regular income. For this, if the amount received at the time of retirement is invested at the right place, then senior citizens can earn a lot of interest while sitting.
There are many such schemes which give guaranteed better interest. If you are also looking for a good scheme for investment, then Senior Citizen Savings Scheme can be very helpful for you.
Senior Citizen Saving Scheme (SCSS) is specially for those people whose age is more than 60 years. Apart from this, those who have taken VRS can also take advantage of this scheme. At present, interest is being received on this scheme at the rate of 8 percent. If you want, you can earn 6 lakh rupees in 5 years through this scheme only from interest. Know the special things related to this scheme.
Can deposit up to a maximum of 15 lakhs
In the Senior Citizen Savings Scheme, the amount is deposited in multiples of 1000. You can deposit up to a maximum of Rs 15,00,000 in it. The deposit amount matures after 5 years from the date of opening of the account. The deposit amount matures after 5 years from the date of opening of the account. Interest is paid on the deposit amount on quarterly basis.
This is how you will get 6 lakh interest on the deposited amount
Now it comes to the question that how will 6 lakh interest be made on the deposited amount? If you deposit Rs 15 lakh in the Senior Citizen Savings Scheme, then according to the current time, it will get interest at the rate of 8 percent. In such a situation, according to the SCSS calculator, in five years you will get Rs 6,00,000 only as interest on Rs 15 lakh. You can arrange regular income for yourself by taking this amount as interest.
Benefits of this scheme
- Senior Citizen Savings Scheme is a small savings scheme backed by the Government of India, hence it is considered one of the reliable and safe options.
- Under Section 80C of the Income Tax Act, you can claim tax exemption of Rs 1.5 lakh per year by investing in this scheme.
- Interest rate of 8% per annum is very good from investment point of view.
- This account can be transferred anywhere in India.
- Interest is paid every three months under this scheme. Interest is credited to your account on the first day of every April, July, October and January.
How to open account
To open this account in any post office or public / private banks, you will have to fill a form, as well as submit this form along with two passport size photographs, identity proof and copies of other KYC documents. The advantage of opening an account with a bank is that the deposit interest can be directly credited to the savings bank account of the depositor with the bank branch. Account statements are sent to the depositors through post or email.
