Everyone wants to get maximum return on investment and the money should also be completely safe. Many schemes of the Post Office give excellent returns. One such scheme of the Post Office is named the Post Office Senior Citizen Savings Scheme (SCSS). It has become a responsible investment category in the country whose target is to provide social security to the elderly. Therefore, the Post Office Senior Citizen Savings Scheme has been specially designed to meet the needs of the elderly. This is the right option for such people who want to double their investment in a short time along with being safe. For those who wish to double their money quickly while maintaining safety, this is the best choice.
The Senior Citizen Savings Scheme: What is it?
This program was launched in 2004. Indian nationals 60 years of age and older are eligible to participate in the Senior Citizen Savings Scheme. Individuals under 60 years of age can also apply under this scheme. But the condition for that is that they have retired from their government job before the prescribed age. SCSS is liked among the people due to the interest rate it offers. The current interest rate on it is 8.2%. This interest rate makes this scheme one of the higher return schemes offered in small savings schemes in recent times.
What makes this scheme unique?
Anyone can invest in this program for as long as they want. When the investor specifies a time limit, however, it is convenient to know that the rate will stay constant during that period and won’t alter until the time limit has passed. In addition to the 8.2% interest rate, section 80C offers a tax benefit. Every quarter, the interest is reassessed.
What is the maximum amount that can be invested?
SCSS is open to investors who are at least 60 years old. Financial retirement benefits must be deposited into the account by retirees between the ages of 50 and 55. They must put money into it that same month in which they have retired. Under the National SCSS, you can invest between a minimum of Rs 1,000 and Rs 30 lakh.
Tenure
This allows you to invest for five years. Additionally, a single extension of up to three years may be granted. Investors can receive higher returns on their deposits as a result. For investments up to Rs 1.5 lakh, SCSS is tax deductible under Section 80C of the Income Tax Act, 1961. The interest earned on it, however, is subject to full taxation. Your TDS will be withheld if, within a fiscal year, this interest surpasses Rs 50,000.
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