Post Office Senior Citizen Plan: The post office offers a variety of fantastic and profitable programmes to its customers. All ages can participate in its plans.
You have a possibility to become a billionaire in a few of years if you also want to make a secure investment. We’re going to tell you today about the 7.4% interest-bearing “Senior Citizens Savings Scheme of the Post Office.” That is, with a simple investment, you can make a huge fund of Rs 14 lakh in just 5 years.
Open an account in Senior Citizen Savings Scheme
The Senior Citizens Savings Scheme (SCSS) programme offered by the post office is more advantageous and better for you if you are retired. It is important to invest your lifetime earnings in a location that is both secure and profitable.
For a SCSS account to be opened, the age requirement is 60. Only individuals 60 years of age or older are eligible to open an account under this program. Additionally, those who have enrolled in the VRS (Voluntary Retirement Scheme) are also eligible to open an account under this program.
Get 14 lakhs just in 5 years
If you make a lump-sum investment of Rs. 10 lakh in the Senior Citizens Scheme, the interest earned after five years, or at maturity, will be Rs. 14,28,964 at the compound annual interest rate of 7.4%. You are benefiting from Rs 4,28,964 in interest in this case.
Account can be opened in 1000 rupees
In this programme, a minimum deposit of Rs 1000 is required to open an account. Other than that, you are not allowed to store more than Rs 15 lakh in this account. In addition, you can start an account by paying cash if the opening balance is less than one lakh rupees. You must also submit a check in order to open an account for more than one lakh rupees.
Post Office Senior Citizen Plan: Maturity period
The SCSS has a 5-year maturity period, but the investor has the option of extending it. You can prolong this programme for an additional three years following maturity, per the information provided on the India Post website. To increase this, you have to apply by going to the post office.
Tax exemption
In terms of taxes, your TDS begins to be withheld once your interest payment under the SCSS surpasses Rs 10,000 per year. However, under section 80C of the Income Tax Act, investment in this programme is exempt.
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