Special post office scheme for senior citizens! Invest once, you will get the benefit of millions - Newztezz Online


Tuesday, March 9, 2021

Special post office scheme for senior citizens! Invest once, you will get the benefit of millions

Investing in a post office is considered both safer and better. 
There are a lot of small savings schemes in the post office, which gives you a great option for investment. The biggest feature of investing in the post office is that there is a guarantee of protecting your money with excellent returns in it. One of the great deposit schemes of the post office is the Senior Citizen Savings Scheme (SCSS), also known as Small Savings Schemes. This scheme is very popular and the government has sovereign guarantee on such schemes of the post office. Let's know about the post office scheme SCSS…

If a senior citizen invests a lump sum of Rs 10 lakh in this scheme, then after five years, that is, after completion of maturity after five years, his total amount according to the interest rate of 7.4% (compounding) is Rs 14,28,964. Will be In this, you will get an advantage of Rs 4,28,964 as interest.

Wings Scheme (SCSS) features

The scheme will get an annual interest of 7.4 per cent and its maturity period is 5 years. It can be deposited in multiple of 1000 rupees. Also, there cannot be more than 15 lakh rupees in it and you can invest in it only once. Under this scheme, the account of a person 60 years or older can be opened. If someone is 55 years or more, but less than 60 years old and has taken VRS, then he can also open an account in SCSS. But the condition will be that he will have to open an account under this scheme within a month of getting retirement benefits. Also, the amount to be deposited in it should not be more than the amount of the retirement.

Under SCSS, the depositor can also open more than one account in person or with his wife / husband at the joint. But together with all, the maximum investment limit should not be more than 15 lakhs. Accounts with less than 1 lakh amount can be opened in cash, but for more than that, a check has to be used.

Can an account be closed and transferred?

Under this scheme, nominee facility is available at the time of opening and closing the account. Account can be transferred from one post office to another. But the post office will deduct 1.5% of the deposit only after closing the account after 1 year of account opening, while after closing after 2 years, 1% of the deposit will be deducted. After completion of the maturity period, the account can be extended for another three years. If your interest amount exceeds Rs 10,000 annually under SCSS, then your TDS is deducted. However, investment in this scheme is exempt under Section 80C of the Income Tax Act.

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