Post Office Scheme: The Indian Post Office offers various schemes specifically to provide financial security to senior citizens during their retirement years. Here we are going to tell about the post office’s popular scheme Senior Citizen Savings Scheme (SCSS) for senior citizens.
Post Office Scheme: Many good schemes are being given to the people through the post office. Post offices offer a variety of investment schemes with attractive returns which are considered safe and reliable. At the same time, the post office is also running many schemes for senior citizens. Here we are going to tell you about one of these schemes, in which excellent interest is also being given.
Post Office
India Post Office offers various schemes specifically to provide financial security to senior citizens during their retirement years. Here we are going to tell about the post office’s popular scheme Senior Citizen Savings Scheme (SCSS) for senior citizens.
Post office Schemes For Senior Citizens
Senior Citizen Savings Scheme (SCSS) is a savings scheme with a tenure of 5 years that offers an interest rate of 8 percent per annum. The minimum investment amount is Rs.1,000 in this and the maximum investment limit is Rs.15 lakh in this. Senior Citizen Savings Scheme is exclusively for investors above the age of 60 years. The government reviews the interest rates on small savings every quarter.
Senior Citizen Savings Scheme
In the last rate revision, the government increased the Senior Citizen Savings Scheme (SCSS) to 8 per cent per annum for the January-March quarter of FY 2022-23. The upper limit of the scheme till March 31, 2023 is Rs 15 lakh. The period of 5 years of this account can be extended for another 3 years.
The tax benefit
interest rate is compounded quarterly and is payable along with the principal amount at the time of maturity. Interest is paid on the last day of every quarter i.e. 31st March, 30th June, 30th September and 31st December. Apart from this, there is also a tax benefit in SCSS. Senior citizens can avail income tax deduction of up to Rs 1.5 lakh under section 80C of the Indian Tax Act, 1961.
