Post Office Superhit scheme: Despite rising bank fixed deposit interest rates, elderly individuals looking for guaranteed income still consider post office schemes a better option for investment.
In such a situation, the Senior Citizen Savings Scheme (SCSS) is mainly for the senior citizens of India. This scheme provides regular source of income with highest security and tax saving benefits. This is a suitable investment option for those above 60 years of age.
The current interest rate applicable to SCSS is 8.2% per annum. This interest rate was implemented from 1 April 2023 to 30 June 2023. But still the same interest rate is applicable. Explain that the interest will be paid on a quarterly basis.
The minimum deposit amount is Rs 1,000 and the maximum is Rs 30 lakh. A person can deposit money in cash if the amount is less than Rs 1 lakh. When the deposit amount exceeds Rs 1 lakh, the person has to make the payment by cheque.
This is a post office savings scheme. Senior citizens can open SCSS account to get the benefit of SCSS. They can open an account with a post office branch or an authorized bank. The maximum deposit amount for Senior Citizen Savings Scheme has been increased from Rs 15 lakh to Rs 30 lakh.
Plan maturity
SCSS has a maturity period of 5 years. However, individuals can extend the maturity period for 3 more years by submitting an application. Application for extension of maturity should be made in the fourth year.
At the same time, senior citizens can also get income tax deduction of up to Rs 1.5 lakh under Section 80C of the Indian Tax Act, 1961.
How to get Rs 2 lakh
By depositing Rs 5 lakh in Post Office SCSS at one go, you can earn Rs 10,250 every quarter just from interest. In 5 years only interest will earn more than 2 lakh rupees.
How much to deposit: 5 lakhs
- Deposit for: 5 years
- Interest Rate: 8.2
- Maturity Amount: Rs 7,05,000
- Interest Income: Rs.2,05,000
- Quarterly Income: Rs 10,250
