This is a deposit scheme with 0% risk in which the elderly have to deposit the amount only once. The elderly can earn more than Rs 12 lakh through interest from this scheme. Understand how-

The amount is deposited for 5 years

Post Office Senior Citizen Savings Scheme is a deposit scheme. In this, a fixed amount is deposited for 5 years. Senior citizens can invest up to Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. At present, interest is being given on SCSS at the rate of 8.2%.

This way you will earn more than 12 lakh rupees

As we told you, you can deposit a maximum of Rs 30,00,000 in this scheme. If you invest this amount in this scheme, then in 5 years you will get Rs 12,30,000 as interest at the rate of 8.2%. Every quarter Rs 61,500 will be credited as interest. In this way, after 5 years you will get a total of Rs 42,30,000 as maturity amount.

You will also get tax benefits

This scheme is also very good in terms of saving income tax. This scheme provides tax benefits under section 80C of the Income Tax Act. Under 80C, you can claim a deduction of Rs 1.5 lakh from the total income.

Who can invest

Any person who is 60 years of age or above can invest. Civil sector government employees taking VRS and those retiring from defense are given relaxation in age limit with some conditions. The scheme matures after 5 years.

Extensions can also be done

If you want to continue the benefits of this scheme even after 5 years, then you can extend the account period for three years after the deposit amount matures. It can be extended within 1 year of maturity. The extended account receives interest at the rate applicable on the date of maturity.

How to invest

To invest in Senior Citizen Savings Scheme (SCSS), you can open an account in any authorized bank or post office. The account can be opened either singly or as a joint account with the wife.

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