New Delhi: There are a few Post office plots that offer fair returns that reach from transient designs to long haul speculations. Those with okay appetide can place their cash in Post office plans, since they are protected from the market aggression.
Senior Citizen Savings Scheme (SCSS) is one such strategy which gives guard returns. As the name recommends, SCSS is a plan presented by Post office for senior residents. Investors matured 60 or above can open records in SCSS. Nonetheless, you can likewise put resources into the approach assuming you have decided on Voluntary Retirement Plan (VRS).
Presently, Post office is giving a 7.4 percent premium on speculations made under Senior Citizen Savings Scheme. The plan could possess all the necessary qualities for ongoing retired folks as one needs to make one time interests in the venture strategy.
At the hour of maturity, investors get the contributed head alongside the created interest. The base sum that one requirements to put to open a record in Senior Citizen Savings Scheme is simply Rs 1000.
How might investors get Rs 14 lakh in 5 years?
Investors should contribute at least Rs 10 lakh in the Senior Citizen Savings Scheme to get about Rs 14 lakh at the hour of maturity. You should contribute Rs 10 lakh as a singular amount with the goal that you can get Rs 14,28,964 at a 7.4% interest rate.
Out of the complete Rs 14,28,964 corpus, Rs 4,28,964 is the premium on venture while Rs 10 lakh is your contributed total. One can contribute a limit of Rs 15 lakh in the Senior Citizen Savings account.
Assuming that you’re wanting to open an account in the Senior Citizen Savings Scheme, you can store up to Rs 1 lakh in cash. In case you’re wanting to contribute more than Rs 1 lakh, you should compose a check or utilize different methods of installment.
In addition, investors likewise get tax reductions under area 80C of the Income tax Represent their interests in the Senior Citizen Savings Scheme.
