The Post Office has many excellent earnings schemes for its customers with Post Office Senior Citizen Savings Scheme (SCSS). It has plans for people of all ages.
If you want to make a safe investment, you could become a millionaire in a matter of years. The post office runs many excellent profitable schemes for its customers. It offers services for people of all ages. If you want to make a safe investment, you could become a millionaire in a matter of years. Today, we’re going to tell you about the Post Office’s ‘Senior Citizens Savings Scheme,’ which pays 7.4 percent interest. That is, with just a small investment, you can amass a significant fund of Rs 14 lakh in just 5 years.
Open an account in Senior Citizen Savings Scheme
If you are retired, the Senior Citizens Savings Scheme (SCSS) scheme offered by the post office will be more beneficial to you. It is best to invest your life savings in a place that is both safe and profitable.
To open an account with SCSS, you must be at least 60 years old. Only people over the age of 60 can open an account in this scheme. Apart from that, people who have taken the VRS (Voluntary Retirement Scheme) can open an account in this scheme.
You will get more than 14 lakhs like this in five years
If you invest a lump sum of Rs 10 lakh in the Senior Citizens Scheme, at an interest rate of 7.4% (compounded) per annum, after 5 years, i.e. upon maturity, the total amount for investors will be Rs 14, 28,964. Here you will get the benefit of Rs 4,28,964 as interest.
Account can be opened in 1000 rupees
This scheme requires a minimum deposit of Rs 1000 to open an account. Other than that, you can only keep a maximum of Rs 15 lakh in this account. In addition, if your account opening amount is less than one lakh rupees, you can open the account with cash. At the same time, if you want to open an account for more than one lakh rupees, you must pay a check.
What is the maturity period
The duration of the SCSS is 5 years, but this duration can be extended at the request of the investor. According to the information on the India Post website, you can extend this scheme for 3 years after it expires. To increase it, you must submit an application to the post office.
Tax exemption
Talking about tax, if your interest amount under SCSS exceeds Rs 10,000 per annum, then your TDS starts deducting. However, investment in this scheme is exempted under section 80C of the Income Tax Act.
