A scheme is run in the Post Office for the elderly, in which they are given a good interest. The name of the scheme is Senior Citizen Savings Scheme. Through this scheme, if the elderly want, they can earn ₹12,30,000 only from interest.

Senior Citizens Savings Scheme: After retirement, the elderly do not have any solid source of income. They have a lifetime capital i.e. retirement fund which they use according to their convenience and invest in various places so that their money keeps growing with time. Most of the elderly do not like to take any kind of risk in terms of investment. They like to invest in such schemes from where they can get guaranteed returns.

For such elderly people, a scheme is run in the Post Office in which they are given a good amount of interest. The name of the scheme is Senior Citizen Savings Scheme. Through this scheme, if the elderly want, they can earn ₹ 12,30,000 from interest only. Know how-

Know how much interest is being received.

The Senior Citizen Savings Scheme of the Post Office is a deposit scheme. In this, a fixed amount is deposited for 5 years. Senior citizens can invest up to a maximum of Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. At present, interest is being given on SCSS at the rate of 8.2 percent.

This is how you will get interest of ₹12,30,000

As we told you, you can deposit a maximum of ₹30,00,000 in this scheme. If you invest this amount in this scheme, then in 5 years you will get an interest of ₹12,30,000 at the rate of 8.2%. Every quarter ₹61,500 will be credited as interest. In this way, after 5 years you will get a total of ₹42,30,000 as maturity amount.

On the other hand, if you deposit ₹15 lakh in this scheme for 5 years, then according to the current interest rate of 8.2 percent, you will get ₹6,15,000 in 5 years only as interest. If you calculate the interest on quarterly basis, then you will get ₹30,750 interest every three months. In this way, by adding Rs 15,00,000 and interest amount of Rs 6,15,000, a total of Rs 21,15,000 will be received as maturity amount.

Who can invest?

Any person whose age is 60 years or more can invest. On the other hand, civil sector government employees taking VRS and people retiring from defense are given relaxation in age limit with some conditions. The scheme matures after 5 years. If you want to continue the benefits of this scheme even after 5 years, then after the deposit amount matures, you can extend the account period for three years. It can be extended within 1 year of maturity. The extended account gets interest at the rate applicable on the date of maturity. SCSS offers the benefit of tax exemption under section 80C.