Post Office: Give the gift of this scheme to the parents, Rs 14.30 lakh will be made of 10 lakhs in 5 years

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Post Office: Give the gift of this scheme to the parents, Rs 14.30 lakh will be made of 10 lakhs in 5 years
Post Office: Give the gift of this scheme to the parents, Rs 14.30 lakh will be made of 10 lakhs in 5 years

We are going to mention the Post Office Senior Citizens Savings Scheme, in which by investing up to Rs 10 lakh, one can get Rs 14.30 lakh in 5 years. Earning children for their parents and recently retired or VRS takers can also invest in it.


The small savings scheme of the post office has been quite popular among the common people before the corona period and despite the fall in interest rates and the stability in interest rates during the corona period. The reason for this is the guaranteed returns and security of the money. These schemes completely stay away from market risk. There is no risk by investing in them and after maturity you get a good amount. Even your investment gets sovereign guarantee from the government.

Today we are going to mention the Post Office Senior Citizens Savings Scheme in which by investing up to Rs 10 lakh, one can get Rs 14.30 lakh in 5 years. Earning children for their parents and recently retired or VRS takers can also invest in it. You cannot invest more than Rs 15 lakh in this scheme. Also you will get interest every quarter. Let us also tell you about this plan in detail.

You will get Rs 14.30 lakh on investment of 10 lakhs,

you have to invest a lump sum amount in this scheme. If a senior citizen deposits Rs 10 lakh in lump sum, then after 5 years at the rate of 7.4 per cent per annum, the total amount on maturity will be Rs 14,28,964. In this plan, you also get the benefit of compounding every year. In such a situation, after five years, you will get the benefit of Rs 4,28,964 as interest on the investment of 10 lakhs.


There is no such advantage even in senior citizen FD, the special thing is that in this scheme of post office, the amount of profit is being made on investment of 10 lakhs, as much as bank FD or in special FD of five started for senior citizens. Can’t even see it. The country’s largest bank State Bank of India is giving an interest rate of 6.20 percent on special FDs of senior citizens. Which is 1.20 percent less than the Senior Citizens Savings Scheme.

Features of Post Office Senior Citizen Savings Scheme

  • The scheme has an annual interest rate of 7.4 per cent and has a maturity tenure of five years.
  • In this scheme, one can deposit Rs.1000 in multiples and the maximum limit for deposit
  • is Rs.15 lakh.
  • As the name suggests, this account can be opened only by a person of 60 or more.
  • If a person has taken VRS after 55 years and before 60 years, he can also invest in this account. The condition is that he has to open this account within one month of taking retirement benefit. Also, the deposit amount should be the same as what you got during the retirement benefit.
  • You can open this account alone or jointly. The condition is that the amount should not exceed 15 lakhs. On the other hand, if you deposit an amount less than one lakh rupees, then you can also deposit cash, more than 1 lakh will have to be deposited in the form of cheque.
  • In this scheme, you also get the facility of nomination.
  • This account can also be transferred from the branch of the post office to another branch.
  • Premature closure allowed. But the post office will deduct 1.5% of the deposit only on closing the account after 1 year of account opening, while 1% of the deposit will be deducted after 2 years of closure.
  • This account can be extended for 3 years after the maturity period is over.
  • TDS will be deducted if the amount of interest earned on this scheme is more than Rs 10,000. By the way, you also get income tax exemption under 80C on investment in this scheme.