The Post Office Senior Citizens Savings Scheme (Post Office SCSS) offers senior citizens tax deductions along with attractive interest rates on their investments. Let us know the complete details of this detail. The most important thing about this scheme is that in this the account holders get the benefit of more interest than all the schemes of the post office.
If you fall in the category of senior citizens and want to invest your money in a scheme where you get excellent interest rates along with tax benefits, then Post Office schemes can prove to be the best option for you . The Post Office Senior Citizens Savings Scheme (Post Office SCSS) offers senior citizens tax deductions along with attractive interest rates on their investments. Let us know the complete details of this detail. The most important thing about this scheme is that in this account holders get the benefit of more interest than all post office schemes.
Know how much is the interest
On opening an account in the Post Office Senior Citizens Savings Scheme (Post Office SCSS), the elderly are given interest at the rate of 8.2 per cent per annum. The special thing is that this interest rate is more than the interest rate of all the schemes offered by the post office. At the same time, this interest rate is more than the interest rate offered by many bank FDs. Interest under the scheme is paid on 31st March, 30th September and 31st December.
Get tax benefit
The Post Office Senior Citizens Savings Scheme (Post Office SCSS) offers senior citizens attractive interest rates as well as tax benefits. In this post office scheme, account holders get the benefit of tax deduction under Section 80C of the Income Tax Act, 1961.
Who can open account
In the Post Office Senior Citizens Savings Scheme (Post Office SCSS), any Indian person who is above 60 years of age can open his account. Apart from this, people who are 55 years old who have taken retirement can also open their account under the scheme. A minimum of Rs 1000 and a maximum of Rs 30 lakh can be invested under the scheme.
