Post Office Scheme! The government runs many schemes for the common people, in which you can invest without risk and get a huge amount on maturity. One such scheme is operated under the post office. In which you can get Rs 82000 from interest only.
Post Office Scheme! A good amount is needed to achieve any financial goal. Whether it is buying a house or buying a car, all these require a big account, which you will not be able to achieve with just salary. In such a situation, some people resort to SIP in mutual funds, so that they can achieve their goal in future.
At the same time, some people also think that they do not have to take risk and also get a huge amount. Government schemes can be useful for such people. We are telling you about one such scheme, which is operated under the Post Office Small Savings Schemes. You can open it in your nearest post office.
The scheme we are talking about can make you earn a lot of money just from interest. If you stay invested in it for five years, you can earn more than 82 thousand rupees just from interest. Let’s know about this scheme in detail…
This scheme of post office is great
The scheme we are talking about is known as Senior Citizen Saving Scheme (SCSS). Under this scheme, you can earn a lot of income by depositing a lump sum amount. Senior Citizen Saving Scheme is a supportive scheme by the government. It has been specially designed for senior citizens. That is, you can gift this scheme to your father or grandfather.
This scheme has been opened for people aged 60 years or above. The minimum investment for this scheme is Rs 1000 and the maximum investment limit is Rs 30 lakh. The maturity period under this scheme is for 5 years, but if you wish, you can extend it for 3 more years. Talking about interest, 8.2 percent interest is given under this scheme. Its interest is fixed on every quarterly basis and interest is released on an annual basis.
Who can open an account?
Any senior citizen of India can open this account. This account can also be opened in single and joint. Retired civilian employees above 55 years and below 60 years of age can also invest. However, the condition will be that the investment has to be made within 1 month of receiving retirement benefits. Apart from this, retired defense personnel above 50 years and below 60 years of age can also invest with the same condition.
What will happen if the account is closed prematurely?
- Under this scheme, you get the benefit of tax exemption on annual investment of up to Rs 1.5 lakh under 80C. On the other hand, if you close the account prematurely, then the following consequences can occur.
- The account can be closed prematurely at any time after the date of opening.
- If the account is closed before 1 year, then no interest will be paid and if any interest is paid in the account, it will be recovered from the principal.
- If the account is closed after 1 year but before 2 years from the date of opening, then an amount equal to 1.5% will be deducted from the principal.
- If the account is closed after 2 years but before 5 years, then an amount equal to 1% will be deducted from the principal.
- The extended account can be closed after the expiry of one year from the date of extension of the account without any deduction.
82 thousand will be earned from interest
If someone invests a lump sum of 20 thousand rupees in this scheme, then after completion of 5 years maturity, he will get a huge amount on the basis of 8.2 percent interest. According to the calculation, he will earn ₹ 82,000 from interest only and the total amount on maturity will be ₹ 2,82,000. On quarterly basis, the interest income will be ₹ 4,099.
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