Senior Citizen: If you are a citizen above 60 years of age then this news is for you. After this age most people look for regular income to meet their needs.
Some saving schemes of banks and government can help you in this. By investing in this scheme you get a good amount in the form of regular interest. Apart from this you also get tax exemption. Let us know about 3 such schemes which guarantee you good earning.
Senior Citizen Saving Scheme
Customers above 60 years of age can invest in the Senior Citizen Savings Scheme. Let us tell you that interest in this scheme is available on quarterly basis. Whereas you get the full money only after the completion of the lock-in period of 5 years. Customers can start investing in this scheme with a minimum of Rs 1,000. Apart from this, in this scheme you also get tax exemption under section 80C.
In the budget, the investment limit in Senior Citizen Saving Scheme (SCSS) was increased from Rs 15 lakh to Rs 30 lakh. With this change, senior citizens are getting higher returns on investment than before. The interest rate has increased to 8.2 percent in the quarter ending in September. In the last quarter it was 8 percent.
If the Finance Minister increases the investment limit to Rs 30 lakh and increases the interest rate to 8.2 percent, a total of Rs 42.30 lakh will be received along with interest of Rs 12.30 lakh on maturity of five years. If it is calculated on annual basis then it is Rs 2 lakh 46 thousand. In this you will get Rs 20500 on monthly basis.
Post Office Monthly Income Scheme
Post Office Monthly Income Scheme (POMIS) is a small savings scheme in which customers can invest for up to 5 years. Here you can invest a maximum of Rs 9 lakh in a single account and Rs 15 lakh in a joint account. In this scheme you get interest every month. Which works as monthly income for you. In this, you will get Rs 9,050 every month in the joint account.
FD
If senior citizen customers want to earn more interest on their savings then fixed deposit (FD) can be a good option. On making FD, most of the banks usually give 0.50 percent more interest to senior citizens on FD than normal customers. Most of the banks are giving maximum interest ranging from 7.50 percent to 9 percent to senior citizens.
