Post Office SCSS: How much better it would be if we did not have to depend on anyone else in old age regarding money.
For this it is necessary that safe investment should be made for hard earned money. There is a tremendous scheme of post office ie post office. In this, there is a safe and guaranteed return on investment. This is Senior Citizen Saving Scheme (SCSS).
The most important thing about this scheme is that it is a Central Government sponsored scheme, in which investors get tremendous returns on lump sum deposits, which are more than bank FDs. Let us tell you that at present 8.2% interest is being offered in this savings scheme, which also changes every year.
Scheme is very special for the elderly
Post Office SCSS is especially for those above 60 years of age. Along with this, this scheme is also for those who have taken VRS. Presently the scheme is getting 8.2% interest. Senior citizens can earn Rs 10,250 every quarter from only interest on a lump sum deposit of Rs 5 lakh in this scheme. In 5 years, only interest will earn up to Rs 2 lakh. Let’s understand it from calculation…
Post Office SCSS Calculation
Lumpsum Deposit Amount: Rs 5 Lakh
Deposit Tenure: 5 Years
Interest Rate: 8.2%
Maturity Amount: Rs 7,05,000
Interest Earning: Rs 2,05,000
Quarterly Income: Rs 10,250
Many advantages of Post Office SCSS
- This savings scheme is a small savings scheme supported by the Government of India. It is considered one of the reliable and safe options for investment.
- Under the Income Tax Act section 80C, investors in this get the benefit of tax exemption up to Rs 1.5 lakh every year.
- 8.2% interest rate is available every year, which is much better than other investment options depending on the risk factors.
- The account of this post office scheme can be transferred to any center in the country.
- Interest is paid every 3 months under the scheme. Interest is credited to the account on the first day of the month of April, July, October and January every year.
How to open account for SCSS?
A form has to be filled to open an account for this in any post office or government / private bank. Along with the form, 2 passport size photographs, identity proof and copy of other KYC documents will have to be submitted along with the form. The advantage of opening a bank account is that the interest earned on the deposit can be deposited in the direct bank account only. Account statements are sent to the depositors through post or email.