Post Office Senior Citizen Savings Scheme: People get good returns after investing in various schemes post office schemes. It is also considered a safe investment option. Everyone saves something from their earnings every month and invests it in a place where their money is secure and they get good returns.
In this regard, the post office’s Senior Citizen Savings Scheme (SCSS) is very popular. This scheme aims to provide social security to older people. It was launched specifically to meet these needs. So, let us know what benefits are available in this scheme.
What is the Senior Citizen Savings Scheme?
This scheme was started in 2004. It is a Senior Citizen Savings Scheme for 60 and above.
People under 60 can also apply under this scheme. However, they must have retired from their government jobs before the prescribed age. The current interest rate on this scheme is 8.2%.
What is remarkable in the scheme?
Any person can invest in this scheme according to their needs. Along with the interest rate of 8.2%, the tax benefit is also available under section 80C. The interest is reviewed every quarter.
What is the investment limit?
Any person above 60 years of age is eligible to invest in SCSS. Retired persons aged 50-55 will have to deposit their financial retirement benefits into the account. They will have to invest in the same month they have retired. Under the SCSS scheme, you can start investing with at least Rs 1,000. Apart from this, you can invest up to a maximum of Rs 30 lakh under this scheme.
Tenure
Under this, you can invest for five years. A single extension of up to three years is also possible. Through this, investors can get better returns on their deposited amount. Your TDS will be deducted if this interest exceeds Rs 50,000 during a financial year.