Senior Citizen Savings Scheme is a programme for senior citizens launched by the Post Office.
Numerous Post Office programmes, from short-term investments to long-term plans, provide respectable returns. People who prefer low risk can invest in Post Office schemes because they are protected from market volatility.
SCSS, or Senior Citizen Savings Scheme, is one such policy that offers generous returns. SCSS, as its name suggests, is a programme for senior citizens launched by the Post Office. Only those who are 60 years of age or older can open accounts with SCSS. However, if you choose the Voluntary Retirement Scheme, you can also invest in the policy (VRS).
At the moment, the Post Office pays 7.4% interest on investments made through the Senior Citizen Savings Scheme. Recent retirees may find the plan suitable because it only requires one-time investments in the investment policy.
Investors receive both the invested principal and the interest earned when the investment matures. Just Rs 1000 is required as a minimum investment to open an account with the Senior Citizen Savings Scheme.
How can investors obtain Rs 14 lakh in five years?
In order to receive approximately Rs 14 lakh at maturity, investors must invest a minimum of Rs 10 lakh in the Senior Citizen Savings Scheme. To receive Rs 14,28,964 at a 7.4% interest rate, you must invest Rs 10 lakh in one lump sum.
The interest on the total corpus of Rs 14,28,964 is Rs 4,28,964, and your invested amount is Rs 10 lakh. The Senior Citizen Savings account has a 15 lakh rupee maximum investment limit.
You may deposit up to Rs 1 lakh in cash when opening an account with the Senior Citizen Savings scheme. You must use a check or another form of payment if you intend to invest more than Rs 1 lakh.
Additionally, investors who make investments in the Senior Citizen Savings scheme are eligible for tax benefits under section 80C of the Income Tax Act.
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