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POST OFFICE SCSS SCHEME: Invest 8 lakhs in the scheme; get more than 10 lakhs in 5 years, Know more here

The post office runs different schemes for citizens of all classes and ages. The schemes are very safe and have good returns, especially after retirement. Today we will get to know more about the Senior Citizen Saving Scheme (SCSS) that is applicable for all those who are 60 years and above. Let’s check out the calculation here:

If you deposit 8 lakhs in lump sum in the Senior Citizen Scheme, with an interest rate of 7.4% compounding annually. The interest amount is deposited to the account quarterly; you can easily withdraw the amount in case of an emergency. In 5 years, the amount you will receive with the 8 lakh investment will be 10.96 lakhs. Hence, you are getting a great interest benefit of 2.96 lakhs.

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You can also gain tax benefits from this scheme. If your annual interest is more than Rs 10,000 scheme, then TDS is deducted from it. However, when you invest in this scheme, you get an exemption under section 80C of Income Tax. You can also open a joint account under this act. The maximum amount you can invest under the SCSS scheme is 15 Lakhs.

This is a good investment scheme for those who have a lumpsum amount to invest; they can invest it once and get benefits during their old age. The interest rates at the post office are one of the highest among other banks and financial institutions now.

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