Post Office Savings Schemes for Senior Citizens

Post office savings schemes(Senior Citizens)

Post Office Savings Schemes for Senior Citizen (SCSS) is run a variety of special schemes.  It has schemes for people of all age groups.  If you are planning to invest money in Corona crisis, then you can become a millionaire in a few years.  In the Post Office Senior Citizens Savings Scheme, investors get an interest of 7.4 percent.  Let us tell you how you can make 14 lakh rupees in just 5 years

Money is in the post office more secure than banks.  Whether its Kisan Vikas Patra or any other policy Or no matter what the account is. 2000 ₹ fixed time of our Kisan Samman Nidhi i.e. the fourth month is coming regularly. Therefor, there is no such risk.

Senior Citizen Savings Scheme (SCSS) is a government-sponsored savings instrument for individuals above the age of 60. The Government of India introduced this scheme in 2004 intending to provide senior citizens with a steady and secure source of income for their post-retirement phase.

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Who can open account in this scheme

If you want Post Office Savings Schemes then your age limit should be 60 years to open an account in Senior Citizens Savings Scheme (SCSS).  Only people aged 60 years and above can open an account under this scheme.  Apart from this, people who have taken VRS, ie Voluntary Retirement Scheme, can also open an account under this scheme.

Investment in post office

If you invest a lump sum of Rs 10 lakh in the Senior Citizens Scheme, then after 5 years, at the interest rate of 7.4 per cent (compounding), the total amount to investors at maturity will be Rs 14,28,964 i.e. more than Rs 14 lakh.  Here, you are getting Rs 4,28,964 as interest.

Minimum account open balance

The minimum amount to open an account in this scheme is 1000 rupees.  Apart from this, you cannot keep more than 15 lakh rupees in this account.  Apart from this, if your account opening amount is less than one lakh rupees, then you can open the account by paying cash.  At the same time, giving you a check to open an account for more than one lakh rupees

Maturity period

The maturity period of Scss is 5 years, but this time limit can also be extended if the investors want.  According to the India Post website, you can extend this scheme for 3 years after maturity.  To increase this, you will have to go to the post office and apply.  

Tax rebate

Talking about tax, if your interest amount exceeds Rs 10,000 annually under Scss, then your TDS is deducted.  However, investment in this scheme is exempt under Section 80C of the Income Tax Act. 

You can open joint account

Under SCSS, the depositor can also keep more than one account at the joint with individual or his wife / husband.  But together with all, the maximum investment limit cannot exceed 15 lakhs.  Nomination facility is available at the time of opening and closing the account.

Minimum and maximum deposit

Eligible individuals require making a minimum deposit of Rs. 1,000 to open an account under the post office savings schemes for Senior Citizen. At the same time, the deposit quantum is capped at Rs. 15 Lakh or the amount received as a retirement benefit, whichever is lower.

For example, if Mr. Kunal receives Rs 10 Lakh as a retirement benefit, he can invest up to that amount in the scheme.

This clause applies irrespective of whether the account is held individually or jointly. However, one can only open a joint account with his/her spouse.

Also, if an individual holds multiple accounts under this scheme, the total amount deposited in all such accounts shall not exceed the maximum limit.

Security of capital

SCSS is a government-endorsed scheme, and hence, capital invested in it enjoys superlative security and guarantee.

For More Information you Can Visit Post Office Savings Scheme

Post office interest rates

6.6% interest is currently being given on the post office monthly income scheme. 

5.5% interest is being given on 1 year time deposit of post office. 

present, 5.5% interest is being given on the 2-year time deposit of the post office.

At present, 5.5% interest is being given on the 3-year time deposit of the post office. 

6.7% interest is being paid on the 5-year time deposit of the post office. 

Interest of 6.9% is being given on Kisan Vikas Patra. 

At present, interest of 7.6% is being given on the Sukanya Samriddhi Yojana. 

At present, interest of 7.4 percent is being given on the Senior Citizen Savings Scheme.

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