Small Saving Schemes: Invest in this scheme of Post Office, you will earn bumper income only from interest
Small Savings Schemes: The recent sharp decline in the stock market has resulted in significant losses for retail investors. The majority of investors claim to have lost the money they made in the previous six or twelve months. The report indicates that over the last month, investors have lost Rs 40 lakh crore. Many individuals are now considering investing in low-risk locations as a result of this circumstance. We are providing information on a government initiative today that will earn you thousands of rupees if you are also considering investing in a similar scheme.
This program, which is run by the post office, is associated with minimal savings. Interest alone would generate around Rs 12 lakh with this program. Furthermore, there won’t be any danger. The tax advantage is also provided under this arrangement at the same time. The most amount that may be invested in this is Rs 30 lakh. This initiative is open to all older citizens. In actuality, we are discussing the Senior Citizen Saving Scheme, which offers the possibility of earning millions of rupees. Let’s find out how.
One kind of deposit plan is the Post Office Senior Citizen Savings Scheme. For five years, a certain sum is put in it. The lowest investment amount in this plan is Rs 1000, while senior persons may contribute up to Rs 30 lakh. Currently, SCSS offers an annual interest rate of 8.2 percent. Nonetheless, the interest is updated every three months.
Will Earn From Interest
At an interest rate of 8.2%, you would get Rs 12,30,000 in five years if you deposit Rs 30 lakh a year in this program. Interest of Rs 61,500 will be credited each quarter. In this case, you would get a total of Rs 42 lakh 30 thousand as the maturity amount after five years.
However, if you put Rs 15 lakh into this program for five years, you would get Rs 6 lakh 15 thousand in interest only after five years, based on the present interest rate of 8.2 percent. You would get Rs 30,750 in interest every three months if the interest is calculated on a quarterly basis. In this manner, the final maturity amount would be Rs 21 lakh 15 thousand after adding Rs 15 lakh and the interest amount.
Who is Eligible for this Benefit?
Anyone 60 years of age or older is eligible to participate in the Senior Citizen Savings Scheme. After five years, the system matures. You may prolong the account duration for an additional three years after the deposit sum expires if you want to continue to profit from this program beyond five years. Under Section 80C, SCSS offers the advantage of tax exemption.
