Do you have senior citizens at home? Are you looking to invest their savings in a safe and profitable way? Then the government’s Senior Citizen Savings Scheme (SCSS) is the best option for you! This scheme is specially designed for retired senior citizens so that they can earn a good amount of interest every month on their savings. And you know what? This scheme is one of the highest interest-paying schemes for senior citizens till date!
SCSS: Why is it special for you?
If you are wondering what is special about this scheme, let us tell you:
Highest interest rate: In SCSS, you get up to 8.2% annual interest, which is much higher than today’s fixed deposits and savings accounts.
Safe and government scheme: This is a scheme run by the Government of India, so your deposits are completely safe. With the trust of the post office, you have nothing to worry about.
Earnings every three months: In this, you get interest every three months, due to which a fixed amount will always come for your household expenses.
Tax exemption too: By investing in SCSS, you also get a rebate of up to Rs 1.5 lakh under Section 80C of Income Tax. Meaning, you will save tax and earn too!
Who can invest in SCSS?
There are some important things to invest in this scheme:
Age: Your age should be 60 years or more.
Government employee: If you are a government employee and have retired between 55 to 60 years, then you can still invest in it with some conditions.
Indian resident: The senior citizen applying must be a resident of India.
How much money can be deposited in SCSS?
Minimum investment: You can start investing in SCSS with just Rs 1,000.
Maximum investment: And if you want to invest more, you can deposit up to Rs 30 lakh.
Lump sum deposit: In this, you have to deposit money only once, and then keep taking advantage of the interest every three months.
How to open a SCSS account?
Opening a SCSS account is very easy:
Go to the post office: Go to your nearest post office.
Open a SCSS account: Go there and open an account of Senior Citizen Savings Scheme (SCSS).
For how long should you invest?
5 years period: You have to invest in SCSS for 5 years.
You can extend the period: If you want, you can extend this period for another 3 years after maturity.
Understand the mathematics of interest and returns
Suppose, if you deposit Rs 15 lakh in SCSS for 5 years, then how much will you benefit from an interest rate of 8.2%?
Total interest: In 5 years, you will get interest of about Rs 6,15,000.
On maturity: After 5 years, you will get a total of Rs 21,15,000!
Interest every three months: If you want, you can also get interest of Rs 30,750 every three months.
Have you seen how beneficial SCSS is for you? So what are you waiting for, go to your nearest post office today and secure your future by investing in Senior Citizen Savings Scheme!
