Senior Citizen: There is a good news for senior citizen people. Saving is an important part of everyone’s life. Often people need money for various things in life. Therefore, people save money in advance as per their convenience. For this, some invest in some scheme. Some invest in the stock market. Some make FDs in banks.
People invest according to their convenience. The government also brings different types of schemes according to the people. If you are above 60 years of age, then you can invest in the government’s Senior Citizen Savings Scheme. Let us tell you how much interest you get in this scheme.
Invest in Senior Citizen Savings Scheme
Any senior citizen of the country can apply for Senior Citizen Saving Scheme and can save a lot of money. This scheme has been specially introduced for senior citizens. Investments in this scheme can be made from Rs 1 thousand to Rs 30 lakh. The maturity period of the scheme is 5 years, which you can extend for up to 3 years. By investing in this scheme, you get tax exemption on investment up to Rs 1.5 lakh under section 80C. Let us tell you that people between the age of 55 to 60 years who take voluntary retirement can also invest in this scheme.
On investing in Senior Citizen Saving Scheme, senior citizens are currently being given interest at the rate of 8.2%. Which is more than the FD of any bank. In this scheme, interest is given on quarterly basis.
Start investing like this
If any senior citizen wants to apply in Senior Citizen Saving Scheme, he can go to his nearest bank or can apply for it by going to the post office. Some documents will be required to open an account in the scheme. These include documents like Aadhar card, PAN card, age certificate, residence certificate and passport size photo.