Post Office's most profitable scheme, will get 14 lakh on just 5 years of investment
Welcome back to our informative blog site knowing steps360. Post offices run a variety of special schemes. It has schemes for people of all age groups. If you are planning to invest money in the Corona crisis, then you can become a millionaire in a few years. In the Post Office Senior Citizens Savings Scheme, investors get interested at the rate of 7.4 percent. Let us tell you how you can make 14 lakh rupees in just 5 years.
Who can open an account
The age for opening an account under the Senior Citizens Savings Scheme-SCSS should be 60 years. Only people aged 60 years or above can open an account under this scheme. Apart from this, people who have taken VRS (Voluntary Retirement Scheme), those people can also open an account under this scheme.
If you invest 10 lakhs, you will get more than 14 lakhs
If senior citizens invest a lump sum of Rs 10 lakh in the scheme, then after 5 years, at the interest rate of 7.4 percent (compounding), the total amount to investors will be Rs 14,28,964 i.e. more than Rs 14 lakh at maturity. Here you are getting a benefit of Rs 4,28,964 as interest.
How much money can an account be opened?
The minimum amount to open an account in this scheme is 1000 rupees. Apart from this, you cannot keep more than 15 lakh rupees in this account. Apart from this, if the amount for opening your account is less than one lakh rupees, then you can open the account by paying cash. At the same time, to open an account at more than one lakh rupees, you have to give a check.
How much is the maturity period
The maturity period of SCSS is 5 years, but this time limit can also be extended if the investors want. According to the India Post website, you can extend this scheme for 3 years after maturity. To increase this, you will have to go to the post office and apply.
Exemption in tax
Talking about tax, if your interest amount exceeds Rs 10,000 annually under SCSS, then your TDS gets deducted. However, investment in this scheme is exempt under Section 80C of the Income Tax Act.
Can open a joint account
Under SCSS, the depositor can also keep more than one account at the joint with an individual or his wife/husband. But together with all, the maximum investment limit cannot be more than 1.5 million. A nomination facility is available at the time of opening and closing the account.
Premature closing
Premature closure allowed. But the post office will deduct 1.5% of the deposit only after closing the account after 1 year of account opening, while after closing after 2 years, 1% of the deposit will be deducted.
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