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Senior Pensioner's Savings Plan (SCSS) which is brought forth by India Post is an easy and safe source of investment for pensioners looking for a consistent flow of income. This plan guarantees returns and offers better rates of interest relative to bank fixed deposits (FDs).
Eligibility of SCSS
Age: From 60 Years in India are Citizen’s eligible.
Retired Employees: If someone aged between 55-60 years and who invests within a month on receiving the retirement benefits.
Retired Defense Personnel: Someone within the age from 50 to 60 years is also given but has to invest within a month of the retirement.
Attractive Interest Rates
SCSS currently gives interest rate of 8.2 % per annum which is far better than bank FD schemes owing to recent repo rate cuts in RBI.
Investment Opportunities
Minimum investment stands at: Rs 1000
Maximum investment stands at: Rs 30 lakh
Income per Month scenario
At the top most limit of investment point of Rs 30 lakh at the given interest rate of 8.2% per annum one would get
Annual Interest : Rs 2.46 lakh
Monthly income : almost es 20000
Interest is provided quarterly on 1st of April, July, October and January.
Tax Deductions
Prof. Investors can get maximum tax deduction of 1.5 lakh in a financial year under 80C of Income Tax Act.
Guaranteed Returns With No Risk:
The Indian government backs SCSS, so there is no risk on your investment. If the account holder passes away before maturity, the investment amount will be returned to the nominated beneficiary.
Why Pick SCSS?
Compared to traditional bank FDs, SCSS has higher returns.
Additional Interest Payments Every Quarter.
There SCSS is a government scheme which means it is zero-hassle and risk-free.
Investment under Section 80C SCSS also has tax benefits.
SCSS is perfect for senior citizens who want reliable cash flow masked as income and financial protection.
