Everyone makes plans for their senior years so they won’t have to extend their hands in public when they are frail. We’re going to tell you about a fantastic post office scheme today if you also wish to be independent in your later years. This savings plan offers guaranteed returns and is 100 percent secure. The Senior Citizen Savings Scheme (SCSS) is the name of this program.
Post office scheme – Greater interest rate than FD
According to the facts, this is a significant post office scheme savings program of the Central Government (Senior Citizens Saving Scheme), where investors receive good returns after their money is put. This return exceeds the fixed amount, or FD in banks, in several ways. When it comes to this savings plan’s interest rates, an annual interest rate of 8.2% is now being given. Every year, these interest rates fluctuate, which benefits individuals who make deposits.
This much money needs to be paid in one single sum.
This program (SCSS), according to the affiliated website Zed Business, is for persons who are over 60 or have taken VRS. They must make a lump sum deposit of Rs. 5 lakhs into this post office scheme. In exchange, they receive a reliable return of Rs. 10,250 every third month, or Rs. 41,000 per year. If you calculate for 5 years, your principal will be protected and you can earn up to Rs 2 lakh just from interest.
Receive a tax break on your income
The Senior Citizens Savings Scheme offers the perk of sizable interest. Additionally, the benefit of a tax exemption of Rs 1.5 lakh is provided annually on investments made under Income Tax Act Section 80C. Any post office in the nation will accept the account for this scheme. This offers annual interest at a rate of 8.2%, which is significantly higher than the rates offered by other investment plans. Payment is made every three months on deposits placed under this arrangement. This interest money is promptly sent into the account four times a year in April, July, October, and January.
Post office scheme – Here’s how to create an account.
To open an account in the Senior Citizens Savings Scheme, you or any family member who is over 60 years old must visit any post office or government-private bank and complete the necessary paperwork. This form must be submitted with two passport-size photos, identification documentation, and other KYC-related documents. Your account will be opened using this. Account holders in this program receive their statements by email or regular mail.
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