Post Office Scheme: Investing in a specially run post office scheme for senior citizens gives excellent interest. At present, 8.2 percent interest is being received on this scheme.
Government of India runs many schemes through the post office. Different types of schemes are currently available from children to senior citizens. These days the post office is giving more than 8% interest on many schemes. One of such special schemes is the Senior Citizen Savings Scheme.
Many advantages of the scheme
There are many benefits of Senior Citizen Savings Scheme. Under the scheme, investors not only get a safe option but also get attractive interest. At present, 8.2 percent interest is being received on this scheme annually. Get excellent returns on lump sum investment. Please tell that interest rates keep changing every year. Recently, the government had changed the interest rates of the schemes. Apart from this, investors also get the facility of tax exemption up to 1.5 lakh under Income Tax Act Section 80C. Also, it is very easy to get the account transferred from one branch to another.
This is the calculation
Under the scheme, investors get interest up to Rs 2 lakh for an investment of about Rs 5 lakh. For this, investors have to invest a lump sum of Rs 5 lakh for 5 years. At the time of maturity, a return of Rs 7,05,000 is received, of which Rs 2,05,000 is interest. Any Indian individual above the age of 60 years can avail the benefits of the scheme. This scheme is available for citizens taking VRS.
