The government has made this scheme keeping in mind the needs of senior citizens. The government is offering maximum interest on this scheme. Among the schemes offered by the Post Office’s Small Savings Scheme, it is getting the highest interest. Currently 8.2 percent interest is being given on it.

You will get this much return

If the investment limit is Rs 30 lakh and the interest rate is 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, Rs 20,500 will be available on monthly basis.

Benefits of Senior Citizen Saving Scheme

You can invest money in Senior Citizen Saving Scheme for a total of 5 years. 8.2 percent interest is being given on the amount invested in this scheme. You can invest from Rs 1,000 to Rs 30 lakh in this government scheme. Talking about tax exemption, tax exemption is available on investment of Rs 1.5 lakh under Section 80C of Income Tax. If we compare this with banks, some banks are offering more than 8.2 percent interest to customers.

You can invest minimum Rs 1,000

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. Now a maximum of Rs 30 lakh can be invested in the scheme. Apart from this, in this scheme you get tax exemption under section 80C.

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There is a tremendous scheme of Post Office. It provides safe and guaranteed return on investment. This scheme is Senior Citizen Saving Scheme. The most important thing about this scheme is that it is being run by the central government. In this, investors get tremendous returns on depositing money together, which is more than bank FD. Let us tell you that currently 8.2 percent interest is being given in this savings scheme, which also changes every quarter.

The scheme is very special for the elderly

Post Office SCSS is especially for those above 60 years of age. Along with this, this scheme is also for those people who have taken VRS. At present 8.2 percent interest is being given on this scheme. In this scheme, senior citizens can earn Rs 10,250 every quarter by depositing Rs 5 lakh in one go only from interest. In 5 years, only interest will earn up to Rs 2 lakh. Know the complete calculation here.

Post Office Senior Citizen Saving Scheme

Lump sum deposit: Rs 5 lakh

Deposit period: 5 years

Interest Rate: 8.2%

Maturity amount: Rs 7,05,000

Interest Income: Rs.2,05,000

Quarterly Income: Rs 10,250

Post Office SCSS has many benefits

This savings scheme is being run by the Government of India. It is considered one of the reliable and safe options for investment.

Under the Income Tax Act Section 80C, investors get the benefit of tax exemption up to Rs 1.5 lakh every year.

The account of this post office scheme can be transferred to any center in the country. Under the scheme, interest is paid every 3 months.

How to open an account for SCSS?

For this, a form has to be filled to open an account in any post office or government / private bank. A copy of 2 passport size photographs, identity proof and other KYC documents have to be submitted along with the form. The advantage of opening a bank account is that the interest earned on the deposit can be deposited directly into the bank account itself.

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At the same time, there are some schemes in which interest is more than fixed deposit ie FD. National Saving Certificate (NSC), Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme (SCSS), Kisan Vikas Patra (Kisan Vikas Patra – KVP) are all such schemes. Good money can be made in a safe way by investing in them.

In such a situation, if you want to invest money in a government scheme for a long time and also want to avoid risk, then the Kisan Vikas Patra scheme of the post office can be a good option for you. Any adult citizen can open his account in this. If you want, you can also open a joint account in the name of 3 people.

Investment in KVP will double your money

Kisan Vikas Patra (KVP) is a savings scheme provided by the Government of India. This is a double money scheme of the Government of India where you get interest at the rate of 6.9% per annum and it doubles in 124 months (10 years and 4 months). You can start with investing as little as Rs 1,000 in KVP. There is no maximum investment limit in this. You can open any number of KVP accounts.

Post Office’s National Saving Certificate Scheme

6.8 percent interest is being received on the National Saving Certificate of the Post Office. Along with guaranteed returns on NSC, tax exemption is also available on the amount invested. The maturity period of this scheme is for 5 years. Your money will double in about 10.59 years on investment in this 5-year savings scheme.

Time deposit scheme

Post office time deposit is a great scheme to double the money. In this, the benefit of interest is available at the rate of 5.8 percent on time deposits ranging from 1 to 3 years. By investing in it, your money will double in about 13 years.

Sukanya Samriddhi Yojana

Post Office’s Sukanya Samriddhi Yojana is currently getting interest at the rate of 7.6 percent. A maximum investment of Rs 1.5 lakh and a minimum of Rs 250 can be made in this scheme in a financial year. Annual compound interest is available on this scheme. This post office scheme will double your money in nine and a half years i.e. 113 months. By the way, after 21 years of investing in this scheme, the benefit of maturity is available.

Senior Citizens Savings Scheme

Your money will double in about 113 months in the Senior Citizen Savings Scheme of the Post Office. In this scheme, the benefit of interest will be available at the rate of 7.6 percent.

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