By investing 1000 rupees in this post office scheme, you will get 14 lakhs in 5 years, read full information
Post Office Senior Citizen Savings Scheme (SCSS): For its customers, the post office runs many great profitable schemes for people of all ages. If you also want to become a millionaire in a few years with a safe investment, then this excellent post office schemes are the best opportunity for you. In ‘Post Office Senior Citizen Savings Scheme’, you get interest at the rate of 7.4 percent and you can also make a huge corpus of Rs 14 lakh in just 5 years with simple investment.
Open an account in Senior Citizen Savings Scheme
If you are retired then Senior Citizens Savings Scheme (SCSS) is beneficial and better for you.
Only people of 60 years of age or above can open an account in SCSS scheme. Apart from this, those people who have taken VRS (Voluntary Retirement Scheme), those people can also take advantage of this scheme and invest their lifetime earnings in such a place which is safe and also gives profit.
More than 14 lakhs will be found like this in five years
If you invest a lump sum of Rs 10 lakh in the Senior Citizens Savings Scheme (SCSS), then you will get the total amount to the investors on maturity after 5 years at the rate of interest of 7.4 per cent (compounding) per annum. 14,28,964 will be Rs. Thus in this investment you will get a profit of Rs 4,28,964 as interest.
Account can be opened in 1000 rupees
The minimum amount to open an account in this scheme (Senior Citizens Savings Scheme-SCSS) is Rs 1000. Apart from this, you cannot keep more than a maximum of Rs 15 lakh in your account. On the other hand, if your account opening amount is less than one lakh rupees, then you can also open your account account by paying cash. Remember that for opening an account more than one lakh rupees, you will have to pay a check.
what is the maturity period
Although the maturity period of SCSS is 5 years, but if you want, you can extend this time limit.
Tax relief is also available
If your interest amount under SCSS exceeds Rs 10,000 per annum, then your TDS starts deducting. However, there is a provision for exemption under section 80C of the Income Tax Act on investment in this scheme.