What will happen if you invest in your Senior Citizens Savings Scheme (SCSS) jointly with your wife? This article is to know you about the benefits of joint investment in SCSS. If you and your wife jointly invest Rs 30 lakh in the Post Office’s Senior Citizens Savings Scheme you will receive approximately Rs 61,500 in interest every three months. Before making any kind of investment, read all the documents carefully and visited your nearest branch to know all in details.
Know about the scheme first
This scheme requires investors to make a one-time deposit, and in return, they receive interest payments every three months. The minimum investment limit is ₹1,000, while the maximum limit can be up to ₹3 million. Significantly, this investment is also eligible for exemption under Section 80C of the Income Tax Act, although the interest income is taxable.
SCSS interest is credited directly to your account every quarter on March 31, June 30, September 30, and December 31. If you don’t reinvest the interest amount, you won’t receive any additional interest returns. Alternatively, you can also receive this interest as auto-credit to your post office savings account.
Who are eligible for the scheme
Only citizens aged 60 years or older can benefit from this scheme. However, civil and defense sector employees who have retired through VRS can also participate. The age limit for civilian employees is between 55 and 60 years, and for defense employees, it is between 50 and 60 years. This account can also be opened jointly by a husband and wife, which opens the possibility of joint investment.
How to get Rs 61,500 as interest
Suppose you and your wife jointly invest ₹30 lakh. Every three months, you will receive approximately ₹61,500 in interest. Your total interest income over 5 years will be ₹1,230,000, plus your principal amount returned upon maturity.
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