Senior citizens will earn ₹ 12,30,000 only from interest in 5 years from Post Office Scheme, check complete scheme details.

Senior Citizen Savings Scheme: After retirement, the elderly do not have any solid source of income. They have lifetime capital i.e. retirement fund which they use as per their convenience and invest in different places so that their money keeps growing over time. Most of the elders do not like to take any kind of risk in terms of investment. They prefer to invest in such schemes from which they can get guaranteed returns.

For such elderly people, a scheme is run in the post office in which they are given a good interest amount. The name of this scheme is Senior Citizen Savings Scheme. Through this scheme, if the elderly wish, they can earn ₹ 12,30,000 only from interest. Know how-

Know how much interest is being received

Post Office Senior Citizen Savings Scheme is a deposit scheme. In this, a fixed amount is deposited for 5 years. Senior citizens can invest up to Rs 30,00,000 in this scheme, while the minimum investment limit is Rs 1000. At present interest on SCSS is available at the rate of 8.2 percent.

This way you will get interest of ₹ 12,30,000

As we told you, you can deposit a maximum of Rs 30,00,000 in this scheme. If you invest this much amount in this scheme, then in 5 years you will get interest of Rs 12,30,000 at the rate of 8.2%. Rs 61,500 will be deposited as interest every quarter. In this way, after 5 years you will get a total of Rs 42,30,000 as maturity amount.

Whereas if you deposit Rs 15 lakh in this scheme for 5 years, then according to the current interest rate of 8.2 percent, you will get only Rs 6,15,000 as interest in 5 years. If you calculate interest on quarterly basis, you will get interest of Rs 30,750 every three months. In this way, by adding Rs 15,00,000 and interest amount of Rs 6,15,000, a total of Rs 21,15,000 will be received as maturity amount.

Who can invest?

Any person who is 60 years of age or above can invest. At the same time, civil sector government employees taking VRS and people retiring from defense are given age relaxation with certain conditions. This scheme matures after 5 years. If you want to continue the benefits of this scheme even after 5 years, then after the maturity of the deposit amount, you can extend the account period for three years. It can be extended within 1 year of maturity. The extended account earns interest at the rate applicable on the date of maturity. SCSS gets the benefit of tax exemption under Section 80C.