Due to the sharp decline in the stock market in recent days, retail investors have suffered huge losses. Most investors said they had lost income over the past six months or a year. Data shows that investors lost Rs 4,000 crore in the past month. In this case, many people are now considering investing in less risky places. If you are also thinking of investing in a similar scheme, then today we are providing information about a government scheme that can earn you lakhs of rupees.
The scheme is linked to the Small Savings Scheme and is run by the Post Office. Under this scheme, one can earn over Rs 12 lakh in interest alone. And the risk is negligible. At the same time, the plan also provides tax benefits. The maximum limit for this investment is Rs 30 lakh. Any senior citizen can invest in this scheme. In fact, we are talking about Senior Citizen Savings Scheme, under which you can earn lakhs of rupees. Let us know how?
Post Office Senior Citizen Savings Scheme is a deposit scheme. Among them, a fixed amount is invested for 5 years. Senior citizens can invest up to Rs 30 lakh in this scheme with a minimum investment limit of Rs 1,000. Currently, SCSS’s annual interest rate is 8.2%. However, interest is revised quarterly.
How can I earn interest on Rs 12 Lakhs?
If you invest Rs 30 lakh every year in this scheme, you will get Rs 12.30 lakh as interest at 8.2% interest in 5 years. Interest of Rs 61,500 will be accrued every quarter. In this case, you will get a total maturity amount of Rs 42 lakh after 5 years.
And if you deposit Rs 15,000 in this plan for 5 years, then at the current interest rate of 8.2%, you will only get Rs 6,00,000 and Rs 15,000 from the interest after 5 years. If interest is calculated on a quarterly basis, you will receive interest of Rs 30,750 every three months. Thus, with the addition of Rs 15,000 and the interest amount, a total maturity amount of Rs 15,000 will be received of Rs 21,000.
Who can get this benefit?
Under the Senior Citizen Savings Scheme, anyone aged 60 or above can enjoy the benefits of the scheme. The plan expires after 5 years. If you want to continue enjoying the benefits of the scheme after 5 years, you can extend the account tenure by three years after maturity of the deposit amount. SCSS provides tax exemption benefits under Section 80C.
