Senior Citizen Saving Scheme: Every person is worried about his old age, and most of his time is spent thinking about how to complete his life. To remove all these worries, the government has developed a better scheme that can free you from the worry of your old age.
The government has developed a special Senior Citizen Saving Scheme for senior citizens, which will help you run your life smoothly after retirement.
Who can open the Senior Citizen Scheme
If you want to take advantage of the Senior Citizen Scheme, then you have to follow some rules. To take advantage of this scheme, your age should be more than 60 years.
Also, in some criteria, retired employees above 55 years or below 60 years can take advantage of this scheme if they invest within 1 month of receiving retirement benefits.
Persons above 50 years and below 60 years of age who are retired from defence service can also open their accounts under this scheme. If you are capable, you can open a single account or both husband and wife can open an account together.
How much interest is received
According to the data released by the Central Government, the interest rate under the Senior Citizen Savings Scheme on the official website of the post office is 8.2%, which is the highest interest-bearing government scheme to date. The date of submission of these rates can be 30 March, 30 September, or 31 December.
Minimum investment required
The government of India has made some guidelines for investing under the Senior Citizen Savings Scheme, which is a great saving scheme for senior citizens.
According to these rules, you can invest a minimum of Rs 1000, and according to your capacity, you can also increase the amount of your investment from time to time.
Under this scheme, you can invest a maximum of Rs 30 lakh. If a person invests more than the maximum limit, the amount over the limit is returned to him.
Account Extension Rules
If you open an account under this scheme, you must know some important things. After the scheme matures, you can extend it further. If you want to extend this scheme further, you can extend it within one year of maturity, on which you get the fixed interest rate.