A good amount is required to achieve any financial goal. Whether it is buying a house or buying a car, all these require a large account, which you will not be able to achieve with just salary. In such a situation, some people resort to SIP in mutual funds, so that they can achieve their goal in future.

At the same time, some people think that they do not have to take any risk and still get a huge amount. Government schemes can be useful for such people. We are telling you about one such scheme, which is operated under the Post Office Small Savings Scheme. You can open it in your nearest post office.

The scheme we are talking about can make you earn a lot of money just from interest. If you stay invested in it for five years, you can earn more than 82 thousand rupees just from interest. Let’s know about this scheme in detail…

This scheme of the post office is great.

The scheme we are talking about is known as Senior Citizen Saving Scheme (SCSS). Under this scheme, you can earn a huge income by depositing a lump sum amount. Senior Citizen Saving Scheme is a supportive scheme by the government. It has been specially designed for senior citizens. That means you can gift this scheme to your father or grandfather.

This scheme is open for people aged 60 years or above. The minimum investment for this scheme is Rs 1000 and the maximum investment limit is Rs 30 lakh. The maturity period under this scheme is for 5 years, but if you want, you can extend it for another 3 years. Talking about interest, 8.2 percent interest is given under this scheme. Its interest is fixed on every quarterly basis and interest is issued on annual basis.

Who can open an account?

Any senior citizen of India can open this account. This account can be opened singly or jointly. Retired civilian employees above 55 years and below 60 years of age can also invest. However, the condition will be that the investment has to be made within 1 month of receiving retirement benefits. Apart from this, retired defense personnel above 50 years of age and below 60 years of age can also invest with the same condition.

What will happen if you close the account before time?

Under this scheme, you get the benefit of tax exemption on annual investment of up to Rs 1.5 lakh under 80C. On the other hand, if you close the account before time, then the following consequences can happen.

• The account can be closed prematurely at any time after the date of opening the account. 
• If the account is closed before 1 year, no interest will be paid and if any interest is paid on the account, it will be recovered from the principal amount. 
• If the account is closed after 1 year but before 2 years from the date of opening the account, an amount equal to 1.5% of the principal will be deducted. 
• If the account is closed after 2 years but before 5 years, an amount equal to 1% of the principal will be deducted. 
• The extended account can be closed after the expiry of one year from the date of extension of the account without any deduction. 

82 thousand will be earned from interest.

If someone invests a lump sum of 20 thousand rupees in this scheme, then after completion of 5 years of maturity, he will get a huge amount on the basis of 8.2 percent interest. According to the calculation, he will earn ₹ 82,000 from interest only and the total amount on maturity will be ₹ 2,82,000. The interest earning on quarterly basis will be ₹ 4,099. 

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After retirement, you can invest PF, gratuity and other money in the Senior Citizen Savings Scheme. Due to global turmoil and many other reasons, the pace of inflation in India has increased a lot. In such a situation, it is not wise to save savings money in the bank. The pace of rising inflation is gradually reducing the value of your savings. In such a situation, if senior citizens want to get a good return on the money received at the time of retirement, then Senior Citizen Savings Scheme can prove to be a great option for them. Let us know about this scheme in detail –

By investing in Senior Citizen Savings Scheme, you are getting an interest rate of 8.2 percent. You can invest a minimum of 1 thousand rupees in this scheme. At the same time, you can invest up to 30 lakh rupees in this scheme.

Your money invested in the Post Office Senior Citizen Savings Scheme matures in 5 years. However, after the completion of the maturity period of 5 years, you can invest for the next three years.

The special thing about Senior Citizen Savings Scheme is that by investing in it, you also get income tax exemption. By investing in this scheme, you can get a rebate of up to Rs 1.5 lakh under Income Tax 80C.

If you invest a lump sum of Rs 10 lakh in the Post Office Senior Citizen Savings Scheme, then if you calculate at an interest rate of 8.2 percent, then after five years, you can collect Rs 14.28 lakh at the time of maturity.

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The post Post Office’s great scheme for the Senior Citizen, invest once and get good returns first appeared on Rightsofemployees.com.

This scheme is Post Office Senior Citizen Saving Scheme (SCSS). This scheme is being run by the government and it gives higher interest than other savings schemes. Here you can get regular income every month by investing your retirement money.

Start investing from Rs 1000

The most special thing about the Post Office Senior Citizen Savings Scheme is that you can start investing in it with just Rs 1000. This scheme is the safest option for the elderly. This will give you regular income and you will not have to worry about money after retirement. This scheme is available for 5 years.

Also Read: Bank Account Deposit Rules- How much money can you keep in a savings account limits interest and tax rules explained

Who can open this account?

People who are 60 years or older can take advantage of this scheme. If you have retired under VRS (Voluntary Retirement Scheme) at the age of 55 to 60 years, you can still open this account. Employees retired from defense service can also take advantage of this scheme at the age of 50. You can also open this account with your spouse.

How to open an account?

Senior citizens can open an SCSS account by visiting any bank or post office. To open an account, you have to deposit at least Rs 1000. You can deposit a maximum of Rs 30 lakh. Money can be deposited in multiples of Rs 1000.

Return

In this scheme, you get an interest of 8.2 percent annually. If a person deposits Rs 30 lakh, he will get an interest of Rs 2.46 lakh annually, which is about Rs 20,000 per month. Post Office Senior Citizen Savings Scheme (SCSS) is an excellent option for the elderly. This gives them regular income after retirement and fulfills their financial needs. This scheme provides financial security and stability to the elderly, so that they can enjoy their life.

The post Senior Citizen Scheme: You will get Rs 20000 every month for 5 years, check the benefits of post office scheme first appeared on Rightsofemployees.com.

For some time now, it has been continuously seen that people are investing a lot of money in Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS) and Time Deposit Scheme. Therefore, the government has relaxed some rules by issuing a gazette notification. At present the government runs 9 types of small savings schemes.

According to the notification, a person can open an account under the Senior Citizen Savings Scheme within three months from the date of retirement. This notification was issued on November 9. According to this, interest will be given at the fixed rate for the scheme on the date of maturity or extended maturity.

Under the new rules, you will get 3 months time to open an account under Senior Citizens Savings Scheme (SCSS). At present this period is only for one month. According to the notification, a person can open a SCSS account within three months from the date of retirement. This gazette notification was issued on 9 November. According to this, interest will be given at the fixed rate for the scheme on the date of maturity or extended maturity.

The rules for premature withdrawal under the National Savings Time Deposit Scheme (NSTDS) have been changed. If the amount deposited in an account with a tenure of 5 years is prematurely withdrawn after 4 years from the date of account opening, interest will be payable at the rate applicable to Post Office Saving Scheme. According to the current rules, in the above situation, interest is given at fixed rate for 3 years savings account.

On many of these schemes, you can get exemption of up to Rs 1.5 lakh under Section 80C of Income Tax. People are investing heavily in small savings schemes like Senior Citizen Savings Scheme and Mahila Samman Savings Certificate. Investment in these schemes has reached record levels. Investment in these schemes increased 2.6 times compared to last year to Rs 74,675 crore. The government had increased the annual investment limit in these schemes to Rs 30 lakh.

In view of this, the government is now also considering post tax returns while deciding the quarterly rates, especially for small savings schemes like PPF. By the end of September, investment in small savings schemes increased 2.6 times compared to last year to Rs 74,675 crore. It was Rs 28,715 crore in the same period last year. The government had doubled the annual investment limit in these schemes to Rs 30 lakh. Only after this, investment in these schemes has increased.

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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.

The post Senior Citizen super Scheme! Golden Opportunity for senior citizens to earn Rs 20,000 every month first appeared on Rightsofemployees.com.

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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Investment limit increased from 15 lakh to 30 lakh

In this budget, Finance Minister Nirmala Sitharaman had made a big announcement for senior citizens along with implementing the new tax regime. Under this, the investment limit in Senior Citizen Savings Scheme (SCSS) was increased from Rs 15 lakh to Rs 30 lakh.

With this change, senior citizens are getting more return on investment than before. In the quarter ending September, the interest rate has been increased to 8.2 percent. It was 8 percent in the previous quarter. Before that, its interest rate was 7.6 percent and the investment limit was Rs 15 lakh.

Earlier there was a benefit of 9500 every month, due to increasing the maximum investment limit and increasing the interest rate, the income earned by senior citizens every month in the form of interest has more than doubled from before. Earlier, investing Rs 15 lakh in the scheme fetched Rs 20.70 lakh on maturity at 7.6 percent interest. Which used to be 1.14 lakhs annually and 9500 rupees monthly.

Now there will be a benefit of Rs 20500.

On increasing the investment limit to Rs 30 lakh from the Finance Minister and increasing the interest rate to 8.2 percent, on the maturity of five years, a total of Rs 42.30 lakh will be received with interest of Rs 12.30 lakh. If calculated on its annual basis, then it becomes 2 lakh 46 thousand rupees and 20500 rupees on monthly basis. That is, after the announcement of the Finance Minister, now senior citizens will get Rs 20,500 as compared to the earlier Rs 9,500.

What is the scheme

‘Senior Citizen Savings Scheme’ is run by the government for the elderly citizens of the country. The purpose of starting this scheme is to provide financial help to retired persons. Under the scheme, senior citizens get money in the form of interest every month.

In the Tax Rebate

Senior Citizen Savings Scheme of up to 1.5 lakh, the government revises the interest rate on a quarterly basis. In this, both husband and wife can open a single account or joint account with each other. The special thing is that under Section 80C of the Income Tax Act, you can get tax rebate of up to Rs 1.5 lakh on investing in it.

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If you have also invested money in any government scheme like Public Provident Fund (PPF), Senior Citizen Saving Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), then this news is useful for you. The government has changed the rules for those investing in these schemes. Now if you are also planning to invest in any of these government schemes, then you will not be able to take advantage of it without PAN and Aadhaar card.

Finance Ministry had issued notification

Information about this was given by the Finance Ministry some time ago by issuing a notification. It was told in this notification that small savings schemes will be used as KYC.
PAN card will have to be shown
Apart from this, the Finance Ministry has said that investors will have to first submit the Aadhaar enrollment number to make any further investment. Apart from this, PAN card will have to be shown to invest more than the limit. You will not be able to invest without PAN card.

Got time of 6 months

If you do not have Aadhaar while opening an account for Post Office Savings Scheme, you will have to submit proof of enrollment slip for Aadhaar. Also, to link the investor with the investment of ‘Small Savings Scheme’, the Aadhaar number will have to be given within six months from the date of opening the account.

Let us tell you that from now on, what documents will you need to open an account in Small Savings Scheme-

>> You should have Aadhaar number or Dhar enrollment slip
>> Apart from this, passport size photographs should be there
>> PAN number, If existing investors do not submit PAN card and Aadhaar card by 30 September 2023, then their account will be banned from 1 October 2023.

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Let us know about those great plans through which you can not only get good returns but also get tax exemption through these investments.

Senior Citizen Saving Scheme

This scheme has been specially designed by the government for people who are above 60 years of age. The main objective of starting this is to provide regular income to senior citizens even in old age. The good thing is that investment in this scheme can be started with only Rs 1000. Investors can invest up to a maximum of Rs 15 lakh if ​​they wish. The maturity period in this scheme is of 5 years. On which interest is given at an interest rate of 8 percent. Not only this, the investment made in Senior Citizen Saving Scheme can also provide tax benefit up to Rs 1.5 lakh per year under Section 80C of the Income Tax Act.

Tax free bonds

Senior citizens can also earn good income by investing in tax free bonds. These bonds are issued by the subsidiaries of the government. In which investment is done without risk. After a certain time, you will get the return, which is completely tax free.

National Savings Certificate

Those who invest in this scheme get tremendous benefit of compounding interest. That means you will also get a good return on your investment and you can also save tax through this. In this, the interest rate has been increased to 7 percent. This can be a better investment option for senior citizens.

ELSS Scheme

ELSS, also known as Tax Saving Mutual Fund Scheme, is an equity based mutual fund. 20 percent of which is invested in the form of debt and the remaining 80 percent is invested in the stock market. Along with good returns, it can also prove to be a good option for tax saving. Under Section 80C of the Income Tax Department, tax saving of up to Rs 1.50 lakh can be done in this.

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Here is a look at five investment plans for senior citizens that can meet your goals and needs. This includes everything from bank schemes to small savings schemes and other schemes.

Senior Citizen Saving Scheme is for people of 60 years and above. The investment limit in this is 30 years and the maturity period is five years. In this, the benefit of attractive interest rate, guaranteed return and tax saving is given.

Fixed deposit scheme is also good for senior citizens. It is a scheme with simplicity, stable returns and liquidity. This FD scheme is provided by both the bank and the post office. FD rates are higher for senior citizens.

Pradhan Mantri Vaya Vandana Yojana is a pension scheme introduced by the government, which is for senior citizens and it is operated by LIC. It gives guaranteed returns and regular monthly income for 10 years. However, it is currently closed for subscription.

Senior citizens can also invest in mutual funds. It can be invested in debt oriented mutual funds or hybrid mutual funds. However, there can be a risk in such investment, due to which investment should be done after thinking.

Guaranteed and amount is given every month in the Post Office Monthly Income Scheme. In this, fixed income is given to the investors. In this the maturity is five years and the interest rate changes quarterly.

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Unit Small Finance Bank is giving maximum interest to senior citizens. 9.5% interest is being given to senior citizens on term deposits of 1001 days. According to the official website, these FDs are effective from May 2.

Suryoday Small Finance Bank is offering interest ranging from 4.50 per cent to 9.60 per cent on fixed deposits of less than Rs 2 crore, which is effective from May 5, 2023.

Utkarsh Finance Bank is paying 8.25 percent interest for general public and 9 percent interest for senior citizens on 700 days tenure. This interest rate is effective from 27 February.

On behalf of Fincare Bank, 8.41 percent interest is being given for the common people and 9.01 percent for the senior citizens on the tenure of 1000 days. This interest rate is effective from 24 March.

Explain that higher interest does not mean that Fixed Deposit Scheme will be better than Senior Citizen Saving Scheme. Many more benefits are available in this plan. You can choose the one which is appropriate on the basis of your discretion.

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Now it has been made mandatory for you to give Aadhaar card to invest in schemes like Public Provident Fund, Sukanya Samriddhi Yojana, Post Office Savings Scheme, Senior Citizen Saving Scheme, National Savings Certificate. The Ministry of Economic Affairs, Ministry of Finance had issued a notification on March 31, 2023, stating that from April 1, it would be necessary to give Aadhaar to invest in the Small Savings Scheme. Earlier, you could invest in them even without giving Aadhaar details.

What has changed in the rules regarding small savings scheme?

According to the new notification, the subscribers of the Small Savings Scheme will have to submit their Aadhaar to the post office or bank, wherever they have opened an account for investment. If you had not given Aadhaar while opening your account, then you have been given time till September 30, 2023, before which you have to submit your Aadhaar.

Apart from this, any new investor who opens this account will also have to give his Aadhaar. If he does not have Aadhaar, then he will have to apply for Aadhaar and give the enrollment ID of the Aadhaar application. It is necessary that you submit your Aadhaar to the bank/post office within the next six months of opening the account.

What will happen if Aadhaar is not submitted?

If you fail to submit Aadhaar or Enrollment ID of Aadhaar within this period, your account will be frozen after six months. If you have already invested in these schemes, but do not have the details of Aadhaar linked in your account, then do it immediately because if you do not do so by October 1, 2023, your account will also be frozen.

Changed rules for even children (Aadhaar card for kids)

This rule has been applied even to children. That is, if an account is being opened in the name of a child or a minor in these schemes, then it will be mandatory to submit the Aadhaar of that account holder i.e. the child as well. It has been said in this notification that “…the child investing with the desire to take advantage of these schemes will also have to provide proof of his Aadhaar or undergo Aadhaar authentication.” If a child does not have Aadhaar, then with the consent of his parent or guardian, Aadhaar will have to be enrolled, then registration for the scheme will have to be done and then enrollment ID will have to be given on it.

Which documents are required to be submitted?

Those investing in Small Savings Scheme are required to provide some documents-

1. Aadhaar Enrollment ID in case of Aadhaar or non-Aadhaar. (Mandatory)

2. Any one of the other documents mentioned below along with Aadhaar-

• Bank or Post Office passbook with photo
• PAN card
• Passport
• Ration card
• Voter ID Card
• mnrega card
• Kisan Photo Passbook

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Senior Citizen Saving Scheme

People who are 60 years of age or older can take advantage of this scheme. People between 55 and 60 can also take advantage of this scheme. Up to Rs 30 lakh can be invested in this scheme. In this, tax benefit is given under section 80C of income tax. It is operated under the Small Savings Scheme.

National Pension Scheme

You can make regular investments in this scheme. After retirement, the employee can withdraw some money from this scheme and invest the rest of the money in buying corpus, after which you will be given a monthly pension. This is a market linked plan and has got an average annual return of 8 to 10 per cent. After maturity of five years, you can also withdraw money from it.

Pradhan Mantri Vaya Vandana Yojana

Under this scheme, along with pension, the benefit of insurance is also available. Under Senior Citizen LIC, they can invest in this scheme. Up to Rs 15 lakh can be invested in this. Although the last time to invest in this scheme is 31 March 2023. In this, an annual interest of 7.4 percent is given for 10 years.

Atal Pension Yojana

This is not a scheme for taxpayers. The remaining 25 to 40 people can invest. In this, contribution is also made by the government on your deposit amount for five years. After 60 years, you can take advantage of this scheme. Under this scheme, monthly pension of 1 thousand, 2 thousand, 3 thousand and 5000 rupees can be taken.

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Senior Citizen Scheme: Many schemes are being run by the Central Government. Today we will tell you about such a scheme, in which you will get double benefits. Many big announcements have been made by the government for women and senior citizens. Today we will tell you about two such special schemes of the government, in which senior citizens will get many special benefits.

The names of these schemes are Senior Citizens Savings Scheme (SCSS) and Pradhan Mantri Vaya Vandana Yojana (PMVVY). Both these schemes are popular among the elderly persons.

Senior Citizen Saving Scheme

Senior Citizen Saving Scheme is considered a better option for retirement. On investing in it, benefits ranging from tax exemption to interest are given. You can take advantage of Rs 60 lakh in a joint account. Any citizen of 60 years can invest in SCSS and in this you are given 8% interest. In this, even within a month of retirement, you can deposit money in SCSS till the age of 55 to 60 years.

PM Vaya Vandana Yodana

PM Vaya Vandana Yojana is a kind of pension scheme, in which you get monthly money. In this, husband and wife get Rs 18500 per month. The special thing is that your money is completely safe in this and after 10 years you get the entire money back with interest.

Who can take advantage?

In this scheme, any citizen of the age of 60 years can take advantage of it. Under this scheme, interest of 7.40 percent is given. In this scheme, you invest up to a maximum of 15 lakhs. Also, up to Rs 30 lakh can be invested in a joint account.

In which one will you get more benefit?
If you want to invest in Senior Citizen Saving Scheme, then you will get the benefit of tax exemption. At the same time, this does not happen in PM Vaya Vandan Yojana.

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But before planning for the future, it is necessary to understand the returns of both these schemes, so that the goals set for the coming days can be met.

post office monthly income scheme

First of all, let’s talk about the Monthly Income Scheme (MIS) of the post office. Earning is done every month by investing lump sum money in this scheme. This scheme matures in 5 years. The good thing is that the interest on MIS has increased to 7.1%.

MIS calculator

Lump sum investment: ₹1 lakh
Lock-in period: 5 years
Interest rate (annualised): 7.1%
Monthly income: ₹592
Interest earned in 5 years: ₹35,500

Special features of Monthly Income Scheme

A maximum of ₹ 4.5 lakh can be invested from a single account.
– You can invest a maximum of ₹ 9 lakh from a joint account.
Investment in the scheme can be started with a minimum of ₹ 1000 every month.

Senior Citizen Saving Scheme

Senior Citizen Savings Scheme (SCSS) is designed for Indian citizens above 60 years of age. It is run by the government. The deposit matures after 5 years from the date of opening the account. However, this period can also be extended for another 3 years. But the period can be extended only once. Interest of 8% is available annually on this.

SCSS Calculator

Lump sum investment: ₹1 lakh
Tenure: 5 years
Interest rate (per annum): 8%
Quarterly interest earning: ₹2000
Interest earning in 5 years: ₹40,000

Important things related to SCSS

– Investment in this scheme can be started from ₹ 1000 – You
can invest a maximum of ₹ 15 lakh in the
scheme – You can claim tax deduction of up to Rs 1.5 lakh under section 80C of the IT Act, 1961 in the scheme

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According to the changes and new schemes announced in the budget, an old couple can get a pension of up to Rs 70,000 every month. The government has increased the investment limit in Post Office Monthly Income Scheme (POMIS) and Senior Citizen Saving Scheme (SCSS). So much so that the Finance Minister has started Mahila Samman Saving Certificate (MSSC) especially for women.

Another savings scheme is already running for senior citizens, namely Pradhan Mantri Vaya Vandana Yojana (PMVVY). By investing Rs 1.1 crore in all these schemes, a senior citizen couple can get a pension of Rs 70,500.

How much investment and return

Earlier, a person could invest a maximum of Rs 15 lakh in this scheme. It has now been increased to 30 lakhs. This means that a couple can invest Rs 60 lakh in it. The government gives a return of 8% on this and its tenure is 5 years. The couple invests Rs 30 lakh in Pradhan Mantri Vaya Vandana Yojana. Its tenure is 10 years and the returns are 7.4 per cent.

Couples can invest a total of Rs 18 lakh in the monthly income scheme of the post office. Its tenure is 5 years, on which the return is 7.1 percent. Mahila Samman Savings Certificate, which is a new scheme of the government, has a tenure period of 2 years and can invest up to Rs 2 lakh every year. The return in this is 7.5 percent. Your total investment is Rs 1.1 crore. The return on this will give you a pension of Rs 70,500 every month.

Tax and lock-in plans Amol Joshi of Rupee Investment Services says that these schemes are very tempting but one of the drawbacks is that you have to pay tax on its returns. However, people who do not have any other source of income can move to the new tax regime as there is no tax on personal income up to Rs 7 lakh. This means that the interest received from these schemes will be tax free for 2 people.

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Senior Citizen Saving Scheme Calculator: Many such provisions have been made by the government for the common man in this budget. Finance Minister Nirmala Sitharaman has made a tremendous announcement in the 2023 general budget for senior citizens along with giving relief to income tax payers under the new tax regime. Under this, the maximum investment in Senior Citizen Savings Scheme (SC SS) has been increased to Rs 30 lakh. Earlier this limit was Rs 15 lakh.

Interest rate also increased

For the quarter ending March 31, 2023, the interest rate on this scheme has been increased to 8 percent by the government. Before January 1, 2023, interest was available on this government scheme at the rate of 7.6 percent per annum. In view of increasing the maximum investment limit and increasing the annual interest rate, the income earned by senior citizens every month in the form of interest will double from before.

How much will be the benefit

Earlier, on investing Rs 15 lakh in this scheme, at the rate of 7.6 percent, Rs 20.70 lakh was received at the time of maturity. Which is 1.14 lakh per annum and 9.5 thousand per month. But on increasing the investment limit and interest rate, depositing Rs 30 lakh will get a total of Rs 42 lakh with interest of Rs 12 lakh on maturity of five years. It is 2.4 lakhs on annual basis and 20 thousand rupees monthly. That is, in comparison to the earlier nine and a half thousand rupees, now senior citizens will be able to get 20 thousand.

Wwhat is the plan

The ‘Senior Citizen Savings Scheme’ is run by the government for the elderly citizens of the country. The purpose of starting this scheme is to provide financial help to retired persons. Under the scheme, senior citizens get money in the form of interest every month.

Tax rebate up to 1.5 lakh

In the Senior Citizen Savings Scheme, the interest rate is revised on a quarterly basis by the government. In this, both husband and wife can open a single account or joint account with each other. The special thing is that under Section 80C of the Income Tax Act, you can get tax rebate of up to Rs 1.5 lakh on investing in it.

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In this, the government has also made an important announcement for senior citizens, whose benefit is also going to be given to them. The government has made an important announcement for the savings scheme of senior citizens, the benefit of which is going to be available to many people.

Senior Citizen Saving Scheme

In her budget speech, Finance Minister Nirmala Sitharaman has given an important gift to senior citizens in the savings scheme. The Finance Minister has increased the maximum deposit level of Senior Citizens’ Savings Scheme from 15 lakhs. The Finance Minister said that it has been proposed to increase the deposit in the Senior Citizens Savings Scheme from Rs 15 lakh to Rs 30.

With the announcement made in the budget, people will now be able to deposit Rs 30 instead of Rs 15 lakh in the Senior Citizens Saving Scheme . In such a situation, people will get the benefit of depositing Rs 30 lakh through this scheme. The benefit of increasing the deposit amount will be given to those people who wanted to invest more than Rs 15 lakh in these schemes.

Apart from this, it has been announced by the government that the maximum deposit limit for the Monthly Income Account Scheme has been increased from Rs 4.5 lakh to Rs 9 lakh for single accounts and from Rs 9 lakh to Rs 15 lakh for joint accounts. has also been proposed. People are going to get a lot of relief from this too.

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Various schemes are run in the post office from ordinary citizens to senior citizens. In such a situation, all the schemes are such that they mature in 5 years. If you want to withdraw money before their maturity, then you will have to bear some loss in the form of penalty. Know about these schemes here.

Post Office MIS

In Post Office MIS i.e. Monthly Income Scheme, you have to deposit a lump sum amount for 5 years. Through this, you can get a fixed amount every month for 5 years as income. After 5 years you get your money back. But if you need money before 5 years then you have to pay penalty. If you withdraw money between one year to three years, then 2% of the deposit amount will be deducted and returned. On the other hand, if the account is more than three years old but you want to withdraw money before 5 years, then after deducting 1% from the deposited amount, the deposit amount is returned to you.

Senior Citizen Saving Scheme

In this post office scheme also you have to invest for 5 years. The deposit matures after 5 years from the date of opening the account. But if you have to withdraw money from it before five years, then penalty has to be paid. In this, 1.5% of the deposit amount is deducted for withdrawing money before completion of 2 years and 1% of the deposit amount is deducted as penalty for withdrawing money after 2 years.

Post Office Recurring Deposit Account

The recurring deposit account of the post office is also for 5 years. Investors of Recurring Deposit Account get the facility of withdrawal after 3 years. On premature withdrawal, you will get the benefit of the rate of interest as per the savings account only.

Kisan Vikas Patra

This scheme, which doubles the investment in 124 months, has a lock-in period of 30 months. In this scheme, if you withdraw money before 1 year, then you will not get any interest on it. According to the scheme, the investor will also have to pay a penalty for withdrawing money. Interest will be earned on withdrawing money between 1 year to 2.5 years, but the amount will be reduced. After 2.5 years, if the KVP is broken and the money is withdrawn, then no penalty will be imposed and the return will be given according to the interest rate prevailing at that time.

Public Provident Fund

This scheme is of 15 years, but the lock in period is of 5 years. But if after 5 years you can withdraw money with certain conditions and close the account. But 1% interest is deducted from the date of account opening till the date of closure.

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If you are also looking for a safe investment, then we are telling about some schemes for you. At present, there are many such schemes for senior citizens. In which excellent returns are being received. For people who have crossed the age of 60 years, the benefit of these schemes can prove to be a stick of old age. There are many such schemes government and private schemes. From whom you can earn big money.

Post Office Monthly Income Scheme (POMIS)

Senior citizens need money to meet their daily needs. If you want, you can invest some part of the monthly income in the Post Office Monthly Income Scheme (POMIS) to maintain cash flow in life. At present, the POMIS scheme is getting the benefit of 6.7% returns annually. Tax is applicable on the interest received on this scheme according to the slab rate.

Senior Citizen Saving Scheme (SCSS)

Senior Citizen Saving Scheme (SCSS) is a scheme of Govt. If you have crossed the age of 60 years. You can invest in this scheme. This saving scheme is getting 7.4% returns annually. In this, the benefit of tax exemption is also available under Section 80C of Income Tax on investment. The maturity time of this scheme is 5 years. It means to say that investors have to keep their savings for 5 years. The maturity time of this scheme can be extended for an additional 3 years. An investor can deposit a maximum of Rs 15 lakh in SCSS.

Bank FD

Bank Fixed Deposit ie FD is quite popular among senior citizen customers. Most banks offer .25% to 1% more interest on FDs to their senior citizens as compared to general customers. Under Section 80TTB of Income Tax, senior citizens can claim a tax deduction of up to Rs 50,000 on the interest income received on FD. Under this rule, tax deduction can be claimed on the interest received on bank FD, co-operative bank FD and post office FD. At present, some banks are offering about 8.75 per cent return to their senior citizen customers.

Annuity Schemes

If you are looking for a scheme for regular income, then Annuity Schemes can prove to be a better option. In this, the investor gets 5.5% to 6.5% annual return on the investment amount.

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It has been said by the postal department that many post offices are not settling the death claims on time. Also, they are not following the necessary rules for death claim. In such a situation, the postal department has directed to settle the death claim immediately and said that any such case should be settled within the time limit.

These instructions have to be followed for death claim 

The department said that the post office will have to ensure settlement of deceased claim cases within the prescribed time limit. In the information issued by the Department of Posts on January 9, 2023, it has been said that it is necessary to follow certain rules for timely disposal of death claim cases. 

• KYC documents should be there during the death claim and it is necessary to get it verified in the post office.
• Signatures of witnesses are also required on the copy of KYC documents. If the signature is not there, then the witness will have to go to the post office.
• It is also necessary to provide the claimant’s signature, bank account and other documents.
• It is mandatory to provide all the documents sought to settle the death claim, otherwise the money may stop.
• Death claim can be made in just one day in case of nominee and within seven days in other case. 

Legal documents to be given 

If the amount issued under any scheme is more than five lakh rupees and there is no nomination or nomination in that account, then it is necessary to give legal documents issued by the court. However, if the amount is five lakh rupees, then there is no need to provide any legal document for the death claim. 

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After two days i.e. on Friday, December 30, 2022, the central government can announce an increase in the interest rates of small savings schemes. On December 30, after reviewing the interest rates of these schemes, the Finance Ministry can announce to increase it.

The Finance Ministry will review the interest rates of small savings schemes for the fourth quarter of 2022-23 from January to March, in which it is believed that on savings schemes like PPF and Sukanya Samriddhi Yojana (NSC) An increase in interest rates can be announced. Interest rates can also increase on other savings schemes of the post office including these savings schemes.

It is believed that the Finance Ministry may announce an increase in interest rates by 0.50 percent on all schemes of small savings schemes. The government’s 10-year bond yield has gone up from 6.04 per cent to above 7.25 per cent in 12 months. According to this formula, the interest rate on PPF, Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme can be increased by 50 basis points from the current level.

Why interest rates can increase

RBI has announced the increase in the repo rate for the fifth consecutive time on December 8, 2022. In 2022, the repo rate has been increased from 4 percent to 6.25 percent. But the government has not increased the interest rates of many small savings schemes. There has been no change in the interest rates of PPF, Sukanya Samriddhi Yojana and NSC. 7.1 percent on Public Provident Fund, 6.8 percent on NSC i.e.

National Savings Certificate, 7.6 percent interest on Sukanya Samriddhi Yojana remains the same. After increasing the repo rate by 2.25 percent, the interest rates of these schemes can be increased by the government. Considering these savings schemes as safe, the urban rural common Indian invests. These are the people who rely on investing in these schemes while staying away from the ups and downs of the stock market.

Interest rates were increased on these small savings schemes

In the third quarter only the interest rate of Kisan Vikas Patra was increased from 6.9 per cent to 7 per cent but the maturity period was reduced from 124 months to 123 months. The interest rate on Senior Citizen Savings Scheme was increased from 7.4 per cent to 7.6 per cent.

Instead of 6.6 per cent on Monthly Income Account Scheme, 6.7 per cent instead of 5.5 per cent on post office two-year fixed deposit scheme, 5.7 per cent instead of 5.5 per cent on 3-year fixed deposit scheme was made 5.8 per cent. But there was no change in the interest rates of PPF, Sukanya Samriddhi Yojana and NSC.

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The interest rate of Senior Citizen Saving Scheme ie SCSS is 7.6 percent. In this scheme lump sum money is deposited. A minimum of Rs 1000 and a maximum of Rs 15 lakh can be invested. In this scheme, your money will double in nine and a half years i.e. 113 months. The maturity of this account is completed in 5 years. Interest is paid every quarter in this scheme.

The amount matures after 5 years

A minimum of Rs 1000 and a maximum of Rs 15 lakh can be deposited in this account. The amount is deposited in multiples of 1000 in the scheme. The deposit amount matures after 5 years from the date of opening of the account. If the depositor wishes, he can extend the term of the account for three years after the maturity of the deposit. But this extension option is available only once. Interest is payable on the deposit amount on quarterly basis. Presently the interest is 7.40% per annum which is effective from 01 April 2020. This rate will remain till 30 September. The rate is reviewed on March 31, June 30, September 30 and December 31.

Who can take advantage of this scheme

• Those senior citizens whose age is more than 60 years.
• People who have taken VRS between the age of 55 to 60 years can also take advantage of it.
• Retired defense personnel up to the age of 50 years.

Benefits of this scheme

• Senior Citizen Savings Scheme is a small savings scheme backed by the Government of India, hence it is considered one of the reliable and safe options.
• The interest rate of 7.40% per annum is much better than investments like FDs and savings accounts.
• This account can be transferred anywhere in India.
• Under Section 80C of the Income Tax Act, you can claim tax exemption of Rs 1.5 lakh per year by investing in this scheme.
• Interest is paid every three months under this scheme. Interest is credited to your account on the first day of every April, July, October and January.

Account opening process

To open this account in post office or public / private banks, you will have to fill a form, as well as submit this form along with two passport size photographs, identity proof and copies of other KYC documents. The advantage of opening an account with a bank is that the deposit interest can be directly credited to the savings bank account of the depositor with the bank branch. Account statements are sent to the depositors through post or email.

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Post Office offers excellent schemes for small depositors. Investors get high interest rate here. Retail investors are more attracted towards it because of the guaranteed returns. The government promises security on all the schemes of India Post, due to which investors with fixed returns have faith in it.

Apart from this, tax benefit is available under section 80C on investment. Many post office schemes are completely tax free. Meaning, there is zero tax on the net return. Let us know about 5 such schemes of India Post which double the money of investors. Know in which scheme the money will double in how many days.

National Savings Certificate

The name of this scheme of India Post is National Savings Certificates. National Savings Certificate gives a return of 6.8%. At least 1000 rupees have to be invested. It will be Rs 1389 after five years. In this scheme, your money will double in 10 and a half years. By the way, this scheme matures in 5 years. In such a situation, after 5 years, when Rs 1389 can be reinvested.

Sukanya Samriddhi Yojana

Currently, 7.6 percent interest is being received in Sukanya Samriddhi Yojana. A maximum investment of Rs 1.5 lakh and a minimum of Rs 250 can be made 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.

Kisan Vikas Patra

Presently 7 percent return is available on Kisan Vikas Patra. You can invest at least Rs 1000 in this ski in a financial year. Thereafter investment can be made in multiples of 100. It does not have a maximum limit. In this scheme your money will double in 123 months.

Senior Citizen Saving Scheme

The interest rate of Senior Citizen Saving Scheme ie SCSS is 7.6 percent. In this scheme lump sum money is deposited. A minimum of Rs 1000 and a maximum of Rs 15 lakh can be invested. In this scheme, your money will double in nine and a half years i.e. 113 months. The maturity of this account is completed in 5 years. Interest is paid every quarter in this scheme.

Public provident fund

Public Provident Fund is getting a return of 7.1 percent. A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be deposited in a financial year. Investment can be made in lump sum or in installments. Interest is compounded annually. This scheme will double your money in 122 months.

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There are five banks that are offering 8.5% or more interest on FDs to senior citizens. Many other banks are offering interest of 8% or more per annum. However, it is to be noted that higher interest does not mean that these senior citizens are better than small savings. Here you have to check FD tenure and other benefits. Let us know about the rates of these banks.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank is offering 8.75% interest on 80 weeks (560 days) deposits to senior citizens. The bank is offering 8.5% interest on deposits of 990 days. These rates are applicable from 5 November.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is offering 8.5% interest on 700 days deposit to senior citizens. The bank is paying 8.25% interest on FDs of 5 years from 701 days. These rates are applicable from 17 October 2022.

Jana Small Finance Bank

Jana Small Finance Bank is offering 8.5% interest on deposits of 2 to 3 years to senior citizens. The bank is paying 8.45% on deposits of 1 to 2 years and 8.3% on deposits of 3 years to less than five years. These rates are applicable from 14 October 2022.

Fincare Small Finance Bank

Fincare Small Finance Bank is offering 8.5% interest on 1000 days deposit to senior citizens. The bank is offering 8.25% interest on deposits of 750 days and 8% on deposits of 500 days. These new rates are applicable from 9 November.

ESAF Small Finance Bank

ESAF Small Finance Bank is offering 8.5% interest on 999 days deposit to Senior Citizens. The bank is offering 7.75% interest on deposits from 1000 days to less than three years and from 2 years to 998 days. These rates are applicable from 1 November 2022.

Unity Small Finance Bank

Unity Small Finance Bank is offering 8.3% interest on 1 year 1 day deposit to senior citizens. The bank is offering 8.15% interest on deposits of 2 to 5 years. Bank rates are applicable from 1st November.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering 8.26% interest on 999 days deposit to senior citizens. The bank is paying 8.01% interest on deposits of 1 year to 998 days. These rates are applicable from 2 November.

DCB Bank (DCB Bank)

DCB is offering 8.25% interest on FDs of 700 days to 36 months and FDs of 26 months to senior citizens. The bank is offering 7.75% interest on deposits ranging from 36 months to 60 months to 5 years. These rates will be applicable from October 31.

Equitas Small Finance Bank

Equitas Small Finance Bank is offering 8% interest on deposits for 888 days to senior citizens. The bank is offering 7.9% interest on deposits of 2 years 1 day to 887 days and 889 days to 3 years. These rates are applicable from 15 October.

Bandhan Bank

Bandhan Bank is offering 8% interest on 600 days deposit to senior citizens. The bank is offering 7.5% interest on deposits of 2 to 5 years. These are applicable from 7 November.

AU Small Finance Bank

AU Small Finance Bank is offering 8.24 per cent interest on term deposits of 24 months to 45 months to senior citizens. These rates are applicable from 10 October.

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here are many such schemes of post office which are quite popular. There is no risk of any kind by investing in these schemes. Lakhs of people prefer to invest in post office schemes. The Central Government has increased the interest rates of the Small Savings Scheme after nine quarters. However, the government has not increased the interest rates of all small savings schemes.

Time deposit scheme for two and three years from the government, Senior Citizen Savings Scheme (SCSS), Kisan Vikas Patra (KVP) and Post Office Monthly Income Scheme like The interest rate on the schemes has increased.

Earlier in the first quarter of 2020-21, the interest rate of these schemes was cut. Let us tell you that the increase in the interest rates of these small savings schemes has come into effect from October 1. Post office time deposit of 2 years has been increased by 20 basis points.

For the first two years, under this scheme, people used to get 5.5 percent interest. But now after the increase, the interest has become 5.7 percent. At the same time, the interest on the three-year time deposit scheme has been increased by 30 basis points. Earlier it used to get 5.5 per cent interest. Now after the increase, 5.8 percent interest will be available.

Under the Monthly Income Scheme (MIS), the interest rate has been increased by 10 basis points to the customers. Now 6.7 percent interest will be available under this scheme. Earlier it was getting 6.6 percent interest.

Kisan Vikas Patra

The government has also increased the interest on the Kisan Vikas Patra (KVP) scheme. Now under this scheme, 7 percent interest will be available on the maturity of 123 months. At the same time, the interest rate of 6.9 percent was given earlier for 124 months.

senior citizens

The Senior Citizen Savings Scheme (SCSC) will get 7.6 percent interest. Earlier it was 7.4 per cent.

PPF, NSC, Sukanya Samriddhi Yojana

There has been no change in the interest rates of PPF, NSC, Sukanya Samriddhi schemes by the central government. Along with this, there has been no change in the Post Office Savings Deposit Scheme, 1 Year Time Deposit, 5 Year Time Deposit and Post Office RD Scheme.

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After a long time, the central government has increased the interest rates of some small savings schemes. If you are looking for a safe option to invest, then Post Office Savings Scheme can be a better option for you.

The Central Government has increased the interest rate on schemes like Time Deposit Scheme, Senior Citizen Saving Scheme, Kisan Vikas Patra and Post Office Monthly Income Scheme for two and three years. The increase in the interest rates of these small savings schemes has become effective from October 1

Such increased interest in time deposit: 5.5% interest was being given in the post office time deposit for the first two years. Now it has been increased by 20 basis points. After this the interest rate has gone up to 5.7 percent. Whereas 30 basis points interest has been increased on the three-year time deposit scheme.

Under this, earlier interest was available at the rate of 5.5 percent. Now this rate has become 5.8 percent. For your information, let us tell you that in the first quarter of the year 2020-21, the interest rate of these schemes was cut, after which they have been increased now.

Monthly Income Scheme The interest rate of the Monthly Income Scheme of the Post Office has been increased by 10 basis points. Earlier, interest was being given at the rate of 6.6 percent under this. Now in this scheme, interest will be available at the rate of 6.7 percent.

Under the Kisan Vikas Patra

Kisan Vikas Patra scheme, interest was given at the rate of 6.9 percent for the first 124 months. The central government has now increased the interest rate on this scheme as well. Now under this scheme, interest will be available at the rate of 7 percent on the maturity of 123 months.

Senior Citizen Saving Scheme

The Central Government has also increased the interest rate by 20 basis points in the Senior Citizen Saving Scheme of the post office. Earlier, under this scheme, interest was available at the rate of 7.4 percent, which has now increased to 7.6 percent.

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Senior Citizen Saving Scheme

Investors get huge benefits on the Senior Citizen Saving Scheme of the Post Office. In this government scheme, you are getting the benefit of interest at the rate of 7.4 percent. Along with this, the interest rates are reviewed every quarter by the government. So the amount of interest can also change in this.

Get tax benefit

Let us tell you that in this government scheme, along with good returns, there is also the benefit of tax benefits. Today we will tell you how you can earn more than 1 lakh every year by investing money in this scheme.

How much can you invest?

You have to invest a minimum of 1000 rupees in this government scheme. After this, you can also increase the investment in it in a multiple of 1000. You can invest a maximum of 15 lakhs in this. Its maturity period is 5 years, but account holders can extend this scheme for another 3 years.

Tax exemption up to 1.5 lakh will be available

You can get the benefit of exemption of up to 1.5 lakh under 80C of Income Tax. At the same time, if the interest you get is more than 50,000 then you will have to pay tax on it.

How to get Rs 111,000

If an investor has deposited Rs 15 lakh i.e. the maximum amount in this government scheme and he is getting the benefit of interest at the rate of 7.4 percent, then according to this he will get Rs 27750 every quarter. At the same time, if we look at its annual amount, then it will become Rs 1,11,000.

There will be double profit in joint account

If you open a joint account, then the maximum investment limit will increase to Rs 30 lakh. After doubling the investment amount, the interest will be doubled to Rs 2.2 lakh.

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Senior Citizen Saving Scheme

Investors get huge benefits on the Senior Citizen Saving Scheme of the post office. In this government scheme, you are getting the benefit of interest at the rate of 7.4 percent. Along with this, the interest rates are reviewed every quarter by the government. So the amount of interest can also change in this.

Let us tell you that in this government scheme, along with good returns, you also get the benefit of tax benefits . Today we will tell you how you can earn more than 1 lakh every year by investing money in this scheme.

How much can you invest?

You have to invest a minimum of 1000 rupees in this government scheme. After this, you can also increase the investment in it in a multiple of 1000. You can invest a maximum of 15 lakhs in this. Its maturity period is 5 years, but account holders can extend this scheme for another 3 years.

You will get tax exemption up to 1.5 lakh, under 80C of Income Tax, you can get the benefit of exemption up to 1.5 lakh. At the same time, if the interest you get is more than 50,000 then you will have to pay tax on it.

How to get Rs 1,11,000

If an investor has deposited Rs 15 lakh i.e. the maximum amount in this government scheme and he is getting the benefit of interest at the rate of 7.4 percent, then according to this he will get Rs 27750 every quarter. At the same time, if we look at its annual amount, then it will become Rs 1,11,000.

If you open a joint
account, then the maximum investment limit will increase to Rs 30 lakh. After doubling the investment amount, the interest will be doubled to Rs 2.2 lakh.

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