Senior Citizen Saving Scheme: If you invest in this scheme for 5 years, you will get 14 lakh rupees, know the special things about the scheme
Senior Citizen Saving Scheme - Photo: Istock
Senior Citizen Saving Scheme: Today we are going to tell you about a very special scheme. The name of this scheme is Senior Citizen Savings Scheme. This scheme has been started especially for senior citizens. In the Senior Citizens Savings Scheme, you can accumulate a good amount of money by investing for a short period of time. At present, the money invested in this scheme is getting an interest rate of 7.4 percent. Only people who are 60 or above can invest in this scheme. If you have recently retired and are planning to invest your retirement money in a good place, then this scheme can prove to be a great option for you. In this scheme, investors get the benefit of both safety and returns. In this episode, let us know in detail about the Senior Citizens Savings Scheme -
In Senior Citizen Savings Scheme, you can invest in multiples of Rs.1,000. At the same time, the maximum amount you can invest in this scheme is up to Rs 15 lakh. You get many benefits by investing in this scheme. You also get exemption under section 80C of income tax on the money invested in it.
Senior Citizen Saving Scheme - Photo: Istock
One can invest in Senior Citizen Savings Scheme only for 5 years. However, under certain circumstances, you can extend your investment tenure even further for 3 years. You need to fill out Form B to extend the investment period.
You also get a lock-in period in this plan. Suppose you invest Rs 10 lakh in this scheme after attaining the age of 60 years. In such a situation, after exactly 5 years, the total value of your invested money will be Rs 14,28,924.
Senior Citizen Saving Scheme - Photo: iStock
For this reason, most investors who want to make risk-free investments, most of them prefer to invest in this scheme. In Senior Citizen Savings Scheme, you can easily open your account by visiting the post office.
