Post Office Scheme

Beneficial scheme of post office, you will get Rs 14 lakh in 5 years investment

Feb 2, 2024 - 03:55 Updated: Feb 2, 2024 - 03:54
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Post Office Scheme

Post Office Scheme

Beneficial scheme of post office, you will get Rs 14 lakh in 5 years investment

Post Office SCSS Scheme Details: Post Office runs many beneficial schemes for its customers. It has plans for people of all ages! If you also want to make safe investments then you have a chance to become a millionaire in a few years. Today we are telling you about Senior Citizen Saving Scheme (SCSS), in which you get the benefit of interest rate of 7.4 percent. This means you can build a huge corpus of Rs 14 lakh in just 5 years with simple investments!

If you are retired then the Senior Citizen Saving 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 which is safe and gives profits! The age to open an account in Senior Citizen Saving Scheme (SCSS) should be 60 years! Only people of 60 years of age or above can open an account in this Post Office Senior Citizen Saving Scheme (SCSS)! Apart from this, people who have taken VRS (Voluntary Retirement Scheme) can also open an account in this scheme.

Open Account in Savings Scheme for Elderly: Post Office SCSS Scheme Details :-

If you are retired then Senior Citizen Saving Scheme (SCSS) operated in the post office is more beneficial and better for you. It is recommended that you invest your lifetime earnings in a place that is safe and generates profits! Age should be 60 years to open an account in SCSS! Only people of 60 years of age and above can open an account in this scheme! Apart from this, people who have taken VRS (Voluntary Retirement Scheme) can also open an account in this scheme.

Post Office Scheme: Beneficial scheme of Post Office, you will get Rs 14 lakh in 5 years investmentIf you invest a lump sum of Rs 10 lakh in the Senior Citizens Savings Scheme (SCSS), at an annual compound interest rate of 7.4% after 5 years, i.e. on maturity, the entire amount would be Rs 14,28,964 for investors! Here you get a benefit of Rs 4,28,964 in the form of interest!

Senior Citizen Saving Scheme (SCSS) account can be opened with Rs 1000 :-

The minimum amount to open an account in this scheme is Rs 1000! Also, you cannot keep more than Rs 15 lakh in this SCSS account! Additionally, if your Senior Citizen Savings Scheme (SCSS) account opening amount is less than Rs 1 lakh, you can also open the account by paying in cash! At the same time, to open an account of more than Rs 1 lakh, you will have to pay a cheque.

what is the maturity period :-

The maturity period of Senior Citizen Savings Scheme (SCSS) is 5 years! But if the investor wishes, this time limit can also be extended. According to the information given on the India Post website, you can extend this Post Office Senior Citizen Saving Scheme (SCSS) for up to 3 years after maturity! To increase it, you will have to go to the post office (SCSS) and apply!

Get Tax Exemption Post Office SCSS Scheme:-

Talking about tax, if your interest amount under Senior Citizen Saving Scheme (SCSS) is more than Rs 10,000 per year, then your TDS starts getting deducted! However, investment in this Post Office Senior Citizen Savings Scheme (SCSS) is exempted under Section 80C of the Income Tax Act!

how long is the expiration period :-

The maturity period of Senior Citizen Savings Scheme (SCSS) is 5 years! But if the investor wishes, this period can also be extended. According to the information given on the website of India Post, you can extend this Post Office Senior Citizen Saving Scheme (SCSS) for 3 years after its expiry! To increase it, you will have to go to the post office (SCSS) and request it!

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