Post Office Scheme: Numerous savings plans are operated under the post office’s small savings plans, which offer investors a variety of advantages. We’re going to discuss one such programme for senior citizens today that is administered by the post office. The Senior Citizen Savings Scheme is the name of this programme. This scheme stands out because it offers 8.2 percent interest. There is no chance of losing money because it is a government programme.
Introduction to SCSS
The Post Office administers the Senior Citizen Savings Scheme, or SCSS, for senior citizens. This scheme, which is one of the post office’s highest interest-paying schemes, offers 8.2 percent interest. You must make a lump sum deposit to participate in this scheme. You then begin to benefit from the interest rate.
Senior Citizen Savings Plan Advantages
- The Senior Citizen Savings Plan stands out because it offers the advantage of income tax savings of up to Rs 1.5 lakh under Section 80C.
- This scheme allows investments up to Rs 30 lakh. This can be a good option for someone who wants to invest their retirement funds somewhere.
- The fact that you receive interest payments on a quarterly basis is one benefit of SCSS. You receive consistent income as a result of this.
Documentation Requirements
By going to the post office that is closest to you, you can easily open a SCSS account. For this, Aadhaar and PAN are needed. There will be a minimum investment requirement of Rs 1,000 and a maximum investment requirement of Rs 30 lakh.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER