Senior citizens can earn more than ₹12,00,000 by investing in this scheme just from interest, check complete scheme details

Apart from FD, senior citizens can also consider investing in Senior Citizen Savings Scheme. In this scheme, they get very good interest which may not be available even on FD in many places.

Senior Citizens Savings Scheme: After retirement, most of the elderly prefer to invest their savings in a place where they get good interest and their hard earned money is also completely safe. This is the reason why most senior citizens invest their money in fixed deposits. To motivate them to invest, banks also offer .50 percent more interest to senior citizens.

But apart from FD, senior citizens can also think of investing in Senior Citizen Savings Scheme. In this scheme, they get very good interest which may not be available on FD in many places. By investing in this scheme for 5 years, senior citizens can earn more than Rs 6 lakh in interest.

8.2% interest and tax exemption too

SCSS is currently giving interest at the rate of 8.2%. Senior citizens can invest up to Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. In this scheme, interest is paid on the deposit amount on a quarterly basis. The scheme matures after 5 years. If you want to continue the benefits of this scheme even after 5 years, then after the deposit amount matures, you can extend the account period for three years. It can be extended within 1 year of maturity. The extended account gets interest at the rate applicable on the date of maturity. SCSS offers the benefit of tax exemption under section 80C.

This way you will earn more than 12 lakhs from interest

If you want to increase your deposit capital rapidly, then this scheme can prove to be a better option. If you deposit 30 lakh rupees from your deposit in this scheme, then at the rate of 8.2%, you can earn 12,30,000 rupees from interest only. In this case, every quarter you will get 61,500 rupees as interest and after 5 years, the amount of 30 lakhs will become 42,30,000 rupees after maturity.

On the other hand, if you deposit 15 lakh rupees for 5 years, then according to the current interest rate of 8.2 percent, you will get ₹ 6,15,000 in 5 years as interest only. If you calculate the interest on quarterly basis, then it will be ₹ 30,750 rupees. In this way, by adding 15,00,000 and the interest amount of 6,15,000, a total of 21,15,000 rupees will be received as maturity amount.

Money is deposited for 5 years

Senior Citizen Savings Scheme is a deposit scheme. In this, money is deposited for 5 years. Any person whose age is 60 years or more can invest. On the other hand, civil sector government employees taking VRS and people retiring from defense are given relaxation in age limit with some conditions.

The post Senior citizens can earn more than ₹12,00,000 by investing in this scheme just from interest, check complete scheme details first appeared on informalnewz.

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