Various Post office programs, from momentary ventures to long haul plans, give decent returns. Individuals who lean toward generally safe can put resources into post office plans since they are shielded from market instability.
SCSS, or Senior Citizen Savings Scheme, is one such arrangement that offers liberal returns. SCSS, as its name recommends, is a program for senior residents sent off by the post office. Just the individuals who are 60 years old or more seasoned can open accounts with SCSS. Nonetheless, in the event that you pick the Voluntary Retirement Plan, you can likewise put resources into the approach (VRS).
Right now, the post office pays 7.4% premium on ventures made through the Senior Citizen Savings Scheme. Late retired folks might find the arrangement reasonable in light of the fact that it just demands one-time interests in the venture strategy.
Investors get both the contributed principal and the premium procured when the speculation develops. Just Rs 1000 is expected as a base venture to open an account with the Senior Citizen Savings Scheme.
How could investors get Rs 14 lakh in five years?
To get roughly Rs 14 lakh at maturity, investors should contribute at least Rs 10 lakh in the Senior Citizen Savings Scheme. To get Rs 14,28,964 at a 7.4% interest rate, you should put Rs 10 lakh in one single amount.
The premium on the complete corpus of Rs 14,28,964 is Rs 4,28,964, and your contributed sum is Rs 10 lakh. The Senior Resident Bank account has a 15 lakh rupee greatest venture limit.
You might deposit up to Rs 1 lakh in cash while opening an account with the Senior Citizen Savings Scheme. You should utilize a check or one more type of installment in the event that you expect to contribute more than Rs 1 lakh.
Also, investors who make interests in the Senior Citizen Savings Scheme are qualified for tax reductions under segment 80C of the Income tax Act.
