PO Senior Citizens Savings Scheme: All the elderly people of India need a lot of regular income every month so that they can easily meet the expenses of medicines and other things. PO Senior Citizens Savings Scheme has been started by the post office only for the senior citizens, under which the senior citizens will get regular income every month.
If you are elderly and are interested in knowing complete information about Post Office Senior Citizen Savings Scheme, then our post today is useful for you. We will tell you how you are going to get ₹ 20,500 under PO Senior Citizens Savings Scheme.
getting more interest
At present, 8.2% annual interest rate is being given in PO Senior Citizens Savings Scheme, which is much higher than all other government savings schemes. This market is linked with the amount deposited in your account every 3 months. If you have deposited Rs 10 lakh in SCSS scheme, then ₹ 20,500 will come in your account in 3 months.
And in 1 year, the total amount will be ₹82,000. The duration of this scheme has been fixed at 5 years. If you want, you can extend the duration to 8 years and avail the benefits of this scheme. The specialty of the scheme is that under section 80c, tax exemption will be given on an amount up to ₹1.5 lakh.
Understand the calculation in detail
| Amount invested | rate of interest paid | Quarterly interest rate amount | Amount of annual interest rate | the period prescribed | Total interest amount |
|---|---|---|---|---|---|
| 1000000 Rupees | 8.2 percent | 20500 Rupees | 82000 Rupees | full 5 years | 410000 Rupees |
Know the specialty of Post Office Senior Citizen Saving Scheme
The biggest feature of the Post Office Senior Citizen Saving Scheme is that it provides a guaranteed return rate of interest. In today’s time, everything is getting cheaper, so an elderly person can deposit his capital in this scheme and get a fixed rate of interest.
There is no fear of fluctuations in this scheme because it is neither linked to the stock market nor any other market nor is it linked to mutual funds. You have to invest money only once and keep receiving an amount of ₹20,500 in your account every 3 months. This scheme is working to provide financial independence to every senior citizen.
Open an account like this
If you are interested in investing under PO Senior Citizens Savings Scheme, then go to the nearest post office with your ID and age proof certificate and open an account there. After that invest in multiples of 1000 (up to Rs 15 lakh). If you want, you can also go to the bank and open an account under this scheme.
All the elderly people who have received Provident Fund or Gratuity money, investing it in this scheme will be a boon for them. This is because once you invest money in this scheme, you will receive money throughout your life.