Old age has been said to be the most difficult time in the life of any human being. In such a situation,
every person likes to secure his old age. But there are very few people who know about the investment plans offered by the post office. Generally, the post office offers a variety of investment plans, in which investors can also get pleasant returns.
If we talk about SCSS i.e. Senior Citizen Savings Scheme of Post Office, it provides impressive returns to the investors. If you too are looking for a safe investment plan for yourself, then the Post Office Senior Citizen Savings Plan is the best option.
At present investors have to pay 7.5% of their investment. 4 percent interest is being given. This is the reason why it is a very beneficial and safe scheme for retired investors. Only investors above 60 years of age can open an account in SCSS. Whereas those who opt for VRS i.e. Voluntary Retirement Scheme can also take advantage of this scheme.
How to get Rs 14 lakh in 5 years
To get Rs.14 lakhs in Post Office Senior Citizens Savings Scheme within 5 years, the investor has to make a lump-sum investment of Rs.10 lakhs in this scheme. At the same time, after 5 years at 7.4% interest rate, investors will get Rs 14,28,964. Which means investors will get Rs 4,28,964 as interest.
Before investing in this scheme, know that investors cannot keep more than Rs 15 lakh in their senior citizen savings account. If you want to start investing in small amounts, then you can start investing in this scheme from Rs.1000.
When will your investment mature?Â
Your investment under the Post Office Senior Citizens Savings Scheme will mature in 5 years. However, you can extend this period for 3 years. For which you have to apply in the post office.
Apart from this, you can also close your account before maturity. On the other hand, if we talk about tax exemption, then the investment in this scheme is provided tax exemption under section 80C of the Income Tax Act, 1961.
