Post Office SCSS: If you are 60 years of age or above, then you can invest in a scheme offering very great benefits of the post office. This scheme of post office is Senior Citizen Saving Scheme. For this, you can open an account by visiting your nearest post office. In this, the benefits of both higher returns and tax exemption will be available.
For account opening in this scheme, the age of the investor should be 60 years or more. If someone has chosen VRS, ie Voluntary Retirement Scheme, then he can invest in Senior Citizen Saving Scheme even if he is less than 60 years and up to 55 years. Individual or joint account can be opened only with the spouse.
Getting great interest on investment
According to the information available on the official website of India Post, if you invest in the Post Office Senior Citizen Savings Scheme, it is getting 7.4 percent interest annually as a return. Interest is paid on quarterly basis.
What is the minimum amount you can start with?
In this scheme, account can be opened for at least Rs 1000. Yes, in this scheme a maximum of Rs 15 lakh can be invested in a multiple of Rs 1000. can do.
Income tax exemption
When you invest in the Post Office Senior Citizen Savings Scheme, you also get the benefit of tax exemption under Section 80C of the Income Tax Act, 1961.
When will the scheme mature
The maturity of the capital deposited in the Senior Citizen Savings Scheme is completed in 5 years. However, it can be extended for another three years. The account can be closed even before maturity, but the post office deducts 1.5 percent of the deposit amount only on closing the closed account after 1 year of account opening. If you close it after 2 years, then 1% of the deposit amount is deducted.
