When there’s no regular source of income after retirement, lifelong savings are the ultimate support. Every senior wants their hard-earned money to be safe and earn adequate returns so they can spend their old age comfortably. If you’re looking for such an investment option with safe and guaranteed returns, a post office scheme could prove to be a hit for you.
Senior Citizens Savings Scheme Details
This scheme is called the Senior Citizens Savings Scheme (SCSS). It’s specifically designed for senior citizens. Not only does it offer higher interest rates than bank FDs, but it also ensures 100% security for your money. Let’s explain how senior citizens can earn a whopping ₹12,30,000 in interest-only savings over five years using this scheme. The Senior Citizen Savings Scheme (SCSS) was launched by the Government of India. It is a small savings scheme specifically designed for citizens over the age of 60. It is a deposit scheme where you deposit a lump sum for five years, and the government pays you guaranteed interest every three months. Currently, this scheme offers an excellent interest rate of 8.2% per annum, which is much higher than most bank FDs.
How to get the whopping amount of money
If a senior citizen invests the maximum amount of ₹3,000,000 in this scheme, the annual interest earned at an interest rate of 8.2% per annum would be ₹246,000. That is, ₹30,000 times 8.2% = ₹246,000.
In 5 years, this will become ₹12,30,000 (₹2,46,000 x 5 = ₹12,30,000). It’s worth noting that interest is paid every three months under this Post Office scheme. This means that every three months, an amount of ₹61,500 will be deposited into your account, which will become ₹12,30,000 in 5 years. In this way, on maturity after 5 years, you will get Rs 42,30,000 (30 lakh plus total interest Rs 12.30 lakh).
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