Post Office Scheme: The name of the most popular scheme of Post Office is Post Office Senior Citizen Saving Scheme. Senior citizens can invest money under this scheme.
People who are working now but will retire sooner or later. Let us tell you that this scheme is beneficial for those who will invest in this scheme after retirement.
This simply means that when you think of investing after retirement, this scheme will be the best for you. Because on investing money in it, you are provided interest up to 8.20 percent.
Talking about maturity period, you will have to deposit money in this scheme for 5 years. So you can get very good returns. Let us tell you that this scheme has been made especially for senior citizens.
If you want to get more information related to Senior Citizen Savings Scheme, all the information is given in detail below.
What should be the eligibility?
If you want to invest under Post Office Senior Citizen Saving Scheme, then the age of the applicant should be at least 60 years.
Apart from this, people retiring from defense sector will also be able to invest in this scheme. Let us tell you that, if a person has taken a voluntary retirement scheme at the age of 50 years or more, then they will also be able to invest.
How much can you invest?
However, you can invest a minimum of Rs 1,000 and a maximum of Rs 30 lakh in the Post Office Senior Citizens Savings Scheme.
Apart from this, you are provided interest on investment on quarterly basis and this account will mature after 5 years. Remember that only a person up to 60 years of age can invest in this scheme.
How much will you get by depositing Rs 5 lakh?
According to the Senior Citizens Saving Scheme Calculator, we will see how much return you will get if you invest Rs 5 lakh in this scheme in 5 years.
For example, if a person invests Rs 5 lakh for 5 years, then he will get a total interest of Rs 2 lakh 5 thousand at the rate of 8.20 percent. On maturity, the entire amount will be Rs 7 lakh 5 thousand.
Penalty will be imposed for premature closure of account
If you start investing in this post office scheme and close this account before time, you will have to pay a penalty.
Suppose if you open an account and make premature withdrawal within 1 year, no interest will be given to the investors. If interest is paid, it will be deducted from the principal amount.
If premature withdrawal is made after 1 year, there will be a deduction of 1.5 percent. At the same time, in case of premature withdrawal after 2 years, a deduction of up to 1 percent is made.
