Senior Citizen Savings Scheme: This SCSS scheme has been made keeping in mind the senior citizens. If there is a person whose age is 60 years or more, then he/she can invest in this scheme and earn a better profit. However, those who are government employees of the civil sector taking VRS and those who retire from defense are given relaxation in the age limit with certain conditions. Let’s know about this scheme.
Can deposit up to a maximum of Rs 15 lakh
If you have considered that you have to invest in the SCSS scheme, then you can start investing in this scheme from Rs 1,000. Same if we talk about maximum investment. A maximum of Rs 15 lakh can be invested in this scheme. The time of maturity of this scheme. It is of 5 years if the depositor wants, then when the maturity period is completed. After that the term of the account can be extended for 3 years. But this option of extension is available only for one time. Currently which is SCSS. Interest is being received on this at the rate of 7.6 percent. Earlier its interest rates were 7.4 percent but from October 1 onwards the new interest rates are effective.
How much will be the profit on investment of Rs 5 lakh
Let’s assume that you invest Rs 5 lakh in this scheme, then the interest you get. It will be given at the rate of 7.6 percent and your amount will mature in the year 2027. The amount deposited in this scheme. Interest is payable on a quarterly basis. In this case, according to the SCSS calculator, the amount you will get as interest. It will be around 1 lakh 90 thousand rupees. In this way, when your amount will mature. Then you will get a total of 6 lakh 90 thousand rupees. If you invest in this scheme, then you also get the benefit of tax exemption.
What is the account opening process
If you want to open an account in SCSS scheme, then for this you can take a form for opening this account from any post office or private or government bank and you will have to fill that form completely. Along with that, you will have to submit this form along with two pass port size photographs, identity proof and copies of other KYC documents. If you open an account with a bank, then one of its advantages is that the deposit interest can be deposited in the savings bank account of the depositor with the bank branch. The account statements which are there are sent to the depositors through post or through email.