Post Office Senior Citizen Savings Scheme (SCSS): Small reserve funds plans of the mail center have forever been a superior choice for venture. The best thing about this is that the deposit is totally protected with ensured returns. These ventures are not impacted by market vacillations. The post office offers an assortment of deposit plans. One of these plans is the Senior Citizen Savings Scheme (SCSS) of the Post Office.
Deposit on 5 lac 6.85 lac
If you contribute a singular amount of Rs 5 lakh in the Senior Citizens Scheme, then at the pace of interest of 7.4 percent (building) per annum, the aggregate sum following 5 years for example on maturity will be Rs 6,85,000. Here you are getting the advantage of Rs 1,85,000 as interest. Along these lines, each quarter interest will be Rs 9,250.
SCSS: 7.4% interest per annum, maturity of 5 years
As per the data accessible on the site of the post office, the yearly interest in this plan will be 7.4%. The maturity time frame in this plan is 5 years. Deposits can be made in multiples of Rs 1000. Likewise, a most extreme venture of Rs 15 lakh can be made in this. It must be put resources into singular amount.
Under SCSS, an account can a 60 be opened by an individual years old or more. In the event that somebody is 55 years or more yet under 60 years of age and has taken VRS, then he can likewise open an account in SCSS. However, the condition is that he needs to open this record in no less than one month of getting the retirement benefits and the sum saved in it shouldn’t surpass how much retirement benefits.
As indicated by the site, under SCSS, an investor can hold more than one account either separately or mutually with his/her companion. Be that as it may, all together the greatest speculation limit can’t surpass 15 lakhs. With a sum under 1 lakh, the account can be opened in real money, yet for more than that, check should be utilized.
SCSS: Nomination facility is accessible
Nomination facility is accessible at the hour of opening and shutting the account in Senior Citizen Savings Schemes. This record can be moved starting with one post office then onto the next. In this account holder can do untimely conclusion. However, the post office will deduct 1.5 percent of the store just on shutting the account following 1 year of account opening, while 1% of the deposit will be deducted following 2 years of conclusion.
Can be reached out for quite some time after maturity
After the development of SCSS, the record can be stretched out for an additional three years. For this, the application must be submitted in something like one year from the date of development. Charge derivation is likewise accessible on stores in this record. Interest in this plan is absolved under segment 80C of the Income Tax Act.
Pay from interest in SCSS is burdened. If the interest pay of all your SCSS surpasses Rs 50,000 for every annum, then your TDS begins deducting. The duty sum is deducted from your advantage. On the off chance that the interest pay doesn’t surpass as far as possible, then, at that point, you can get alleviation from TDS by submitting Form 15G/15H.