A very special scheme of the post office, which has been launched especially for senior citizens, can become a source of safe and great income for you. The name of this scheme is Senior Citizen Savings Scheme (SCSS). If you have recently retired and want to invest your retirement money in a place where you get excellent returns and a full guarantee of security, then this scheme is an excellent option for you. Currently, investing in this scheme is giving an attractive interest of 8.2%, which makes it quite popular across the country.
Senior Citizen Savings Scheme
Senior Citizen Savings Scheme (SCSS) is a scheme of the post office in which you not only get good interest, but your money is also completely safe. You can invest in this scheme for a total of 5 years. Its maturity period is 5 years. However, after the completion of 5 years, you can extend your investment period for another 3 years.
You can start investing in this scheme with a minimum of ₹ 1,000. At the same time, the maximum investment limit has now been increased to ₹ 30 lakh. This scheme is exclusively for senior citizens, so only those citizens who are above 60 years of age can invest in it. However, in some special cases, people aged 55 years or above can also avail themselves of it.
How to open an account
You can open an account in this scheme both singly and jointly. An amount up to ₹ 1 lakh can be deposited in cash, while an amount above ₹ 1 lakh has to be deposited through a check.
Why choose the Senior Citizen Savings Scheme
This scheme comes with many great benefits, which make it an excellent investment option for senior citizens. This scheme offers an attractive interest rate of 8.2%, which makes it better than many other investment options. Since it is a post office scheme, your investment is fully guaranteed by the government. It does not involve any kind of market risk.
Investment in this scheme also offers tax exemption under Section 80C of the Income Tax Act. Interest in this scheme is paid on a quarterly basis, providing senior citizens with a stable source of regular income.
Complete security of investment
The Senior Citizen Savings Scheme is an extremely safe investment. It is not affected by market fluctuations. Your deposited principal remains completely safe, and you get a fixed and guaranteed return on maturity. If you want to keep your retirement fund safe and also want to get good returns on it, then this scheme can prove to be a golden goose for you.