Post Office Senior Citizen Savings Scheme: It is the need of each person who after retirement he doesn’t have any scarcity of cash. For this, he invests cash in numerous schemes. Post Office has provide you with an excellent scheme for its prospects, wherein you will get higher return on funding and your future may be safe. The identify of this scheme is Post Office Senior Citizen Savings Scheme.

These individuals can spend money on the scheme
By investing on this scheme, you get increased returns than the financial institution and it additionally stays away from market dangers. You should be a minimum of 60 years of age to speculate on this scheme. Along with this, many individuals take Voluntary Retirement (VRS) forward of time. In such a state of affairs, these individuals may also make investments their retirement cash.

This is the speed of curiosity accessible on SCSS
Post Office Senior Citizen Saving Scheme is the scheme wherein the best rate of interest is obtainable after PF. The publish workplace gives 7.4 p.c rate of interest to the purchasers on this scheme. It gives a number of occasions increased rates of interest than different small financial savings schemes. You can make investments on this scheme for a tenure of 5 years. After this, if you need, you’ll be able to lengthen this scheme for an additional interval of three years. Along with this, the investor additionally will get the ability of untimely closure of the account on this scheme. You can shut it after 1 12 months however, in such case 1.5 p.c of your deposited quantity can be deducted. At the identical time, on closing the account after the 12 months, 1 p.c of the deposit quantity can be deducted.

Limit for depositing cash in SCSS
Investors can make investments a minimal of Rs 1000 and a most of Rs 15 lakh within the Post Office Senior Citizen Savings Scheme. On the opposite hand, senior residents get exemption below part 80C of Income Tax by investing on this scheme. If you make investments Rs 10 lakh on this scheme, then you definitely get a return of Rs 14,28,964 after 5 years on compound curiosity of seven.4 p.c.

learn this also-

Aadhaar Card Update: If you want to change in Aadhar card, then take help of these documents, see full list

EPFO Update: After changing job, update the date of exit of EPF account like this, know the complete process