Investment Scheme:Have you ever thought of saving and investing in Post Office? If not then do think of it as there are many beneficial schemes in the post office to keep your money safe and give more profits in return than any other sources.
Moreover, reports also claims that these schemes can easily make you a millionaire in a few years. Today, we will be telling you about one such scheme which can bring tremendous profits along with keeping in mind the safety.
Open account in Senior Citizen Savings Scheme
If you are retired, then the Senior Citizens Savings Scheme-SCSS scheme running in the post office is more beneficial and better for you. It is advisable to invest your lifetime earnings in a place that is safe and also gives profits. The age for opening an account in SCSS should be 60 years. Only people aged 60 years and above can open an account under this scheme. Apart from this, people who have taken VRS (Voluntary Retirement Scheme), those people can also open an account under this scheme.
Get Back more than 14 lakhs in five years
If you invest a lump sum of Rs 10 lakh in the Senior Citizens Scheme, then after 5 years at the interest rate of 7.4% (compounding) annually, the total amount will be Rs 14,28,964 at maturity. Here you are getting a benefit of Rs 4,28,964 as interest.
Account can be opened in just Rs.1000
According to reports, the minimum amount to open an account in this scheme is 1000 rupees. Apart from this, you cannot keep more than 15 lakh rupees in this account. Apart from this, if your account opening amount is less than one lakh rupees, then you can open the account by paying cash. At the same time, to open an account at more than one lakh rupees, you have to give a check.
How much is the maturity period?
The maturity period of SCSS is 5 years, but this time limit can also be extended if investors wish. According to India Post website, you can extend this scheme for 3 years after maturity. To increase this, you will have to go to the post office and apply.
Exemption in tax
Talking about tax, if your interest amount exceeds Rs 10,000 annually under SCSS, then your TDS gets deducted. However, investment in this scheme is exempt under Section 80C of the Income Tax Act.
