Post Office: Post Office runs many schemes for the people. In these schemes, many schemes are being run for the benefit of young people as well as elderly people. At the same time, there is also one of these schemes for senior citizens. Senior citizens get a lot of benefits through this scheme.
Post Office Savings Scheme: Many schemes are being run for the people in the country. With these, people get a chance to earn a lot of profit financially as well. Along with this, many schemes are also available to save your earnings in terms of savings. At the same time, the post office is also providing many saving schemes to the people. People also save through these savings schemes and they also get interest.
The post office runs many schemes for the people. In these schemes, many schemes are being run for the benefit of young people as well as elderly people. At the same time, one of these schemes for senior citizens is Senior Citizens Savings Scheme Account (SCSS). Senior citizens get a lot of benefits through this scheme.
In this post office scheme, people above 60 years of age can open accounts. At the same time, some relaxation in age for some retired government employees has also been provided in this scheme.
At present, 7.6 percent interest rate is being provided annually through the post office in the Senior Citizens Savings Scheme Account. At the same time, it is very important to make a minimum investment of Rs 1000 in this scheme. Then if the investment is to be increased, then the investment amount can be increased in multiples of Rs.1000.
However, the amount of investment in this post office scheme should not exceed Rs 15 lakh. Any investor can invest up to Rs 15 lakh under this scheme.
On the other hand, if a person wants to close the Senior Citizens Savings Scheme Account before maturity, then he can get it done, but at the time of pre-closing, the person may have to bear the loss in interest etc. at the time of pre-closing.
Tax benefits
Like some other schemes, you can deduct investment in Senior Citizen Savings Scheme from your taxable income but the maximum limit is Rs. 1.5 lakh and all these deductions are given under section 80C of the Income Tax Act. And all investments under this Act do not exceed this amount.
