A big scheme of the post office…in which the money deposited by senior citizens will be doubled.

Post Office Senior Citizen Savings Scheme: Everyone wants to get maximum returns on investment and the money also remains completely safe. Many post office schemes give excellent returns. One such scheme of the post office is called Senior Citizens Savings Scheme (SCSS). A responsible investment category has been created in the country which aims to provide social security to the elderly. Therefore, it is specially designed to meet the needs of the elderly. This is the perfect option for people who want to double their investment in a short time while remaining safe. Let us see how this scheme works and what are its benefits?

What is Senior Citizen Savings Scheme?

This scheme was started in the year 2004. Senior Citizens Savings Scheme is for Indian citizens aged 60 years and above. People below 60 years of age can also apply under this scheme. But the condition for them is that they should retire from government service before the prescribed age. SCSS is preferred among people because of the interest rate available on it. The current interest rate on this is 8.2 percent. This interest rate makes this scheme one of the high return small savings schemes introduced in recent times.

What is special in the scheme?

Anyone above 60 years of age is eligible to invest in SCSS. A retired person in the age group of 50-55 years has to deposit his financial retirement benefits into the account. In this, they have to invest in the same month in which they retire. Under National SCSS you will get minimum Rs. 1,000 to Rs. An investment of Rs 30 lakh can be made.

Tenure:

Under this you can invest for a period of five years. A single extension is also possible for a maximum of three years. Through this, investors can get better returns on their deposits. SCSS under Section 80C of Income Tax Act, 1961 is Rs. Tax exemption is available on investments up to Rs 1.5 lakh. However, the interest earned on it is fully taxable. If this interest during any financial year is Rs. 50,000, your TDS will be deducted.