If you also want to get good returns with safe investment then here are the Senior Citizens Savings Scheme for Senior Citizens. It gives a return of 7.4% on investment. It also gives tax benefits.
There are many investment options available in the market these days in India. But for a safe investment, the post office small savings scheme is considered the safest. You also get good returns on investment in these schemes.
Along with this other benefits like tax saving are also given. If you also want to get good returns with safe investment then here are the Senior Citizens Savings Scheme for Senior Citizens. It gives a return of 7.4% on investment. It also gives tax benefits.
This plan is for Indians above 60 years of age, which means the subscriber should be 60 years or more on the date of opening of the scheme. However, citizens are also given exemption under certain conditions. If you invest Rs 300 per day in this scheme, then on maturity you can get Rs 7.39 lakh with a return of 7.4 percent.
Who can avail the benefit
Under the Post Office Senior Citizen Savings Scheme, any person of the age of 60 years or above can open an account. However, civilian employees above 55 years of age can also open SCSS account within one month of receiving retirement benefits. For Defense employees, the limit is 50 years.
Who can avail the benefit
Under the Post Office Senior Citizen Savings Scheme, any person of the age of 60 years or above can open an account. However, civilian employees above 55 years of age can also open SCSS account within one month of receiving retirement benefits. For Defense employees, the limit is 50 years.
Maturity Period and Rate
of Interest The interest rate under this scheme is 7.4 percent. The maturity period under this plan is 5 years but can be extended beyond that. A beneficiary can apply for a lump-sum extension of three years to avail higher benefits within one year of the maturity of the account.
How to get an amount up to Rs 7.4 lakh
If an investor invests 9 thousand rupees in a month by saving 300 rupees daily under this policy, then the annual investment will be 1 lakh 8 thousand rupees. At the same time, this investment will be 5 lakh 40 thousand rupees for five years.
On investing this amount, the total maturity amount will be 7,39,800 people at 7.4 percent interest rate. Out of this, the investor will get the benefit of interest rate of Rs 1,99,800.
